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CNBC: Panic Selling In Gold & Silver Driven By Margin Calls

Panic in the gold and silver pits of the Comex.

Gold and silver see the worst two day drop in 30 years.

"I think the last $20 has been margin selling.  The market is falling like a knife.  People are saying, Get me out now," Phoenix Futures President Kevin Grady said.  "You're also seeing people selling energy profits to pay for metals losses.  You're seeing a tremendous amount of gold liquidation today."

Heavy outflows on global gold exchange-traded funds, which cut holdings to their lowest in more than a year, could also mark the end of a love affair between gold and investors.

"The fall in gold prices is reminiscent of some of the market capitulations seen during the global financial crisis when leveraged investors were required to sell assets to maintain balance sheets and preserve liquidity," said Ric Spooner chief market analyst at CMC Markets in Sydney.

At last check, gold is trading at $1377, up $28 this morning.





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Reader Comments (41)

Gold Scores Modest Rebound From 2-Year Low; Caution Stays

Apr 16, 2013 at 5:20 AM | Registered CommenterDailyBail
CRAMER: 'Don't Sell Your Gold, I'd Buy On The Dip'


DB here. For the record, I have no position in gold.
Apr 16, 2013 at 6:42 AM | Registered CommenterDailyBail
The news about gold & silver shook me but I weighted my physical gold & silver several times yesterday & today & the weight has never changed. lmao
Apr 16, 2013 at 11:30 AM | Unregistered CommenterTR
So!! Is this what extinction looks like in the tertiary stages? I mean, humans running around like fucking chickens with their heads cut off? Lovely!!

Not only will men of science have to grapple with the sciences that deal with man, but -- and this is a far more difficult matter -- they will have to persuade the world to listen to what they have discovered. If they cannot succeed in this difficult enterprise, man will destroy himself by his halfway cleverness.
~ Bertrand Russell, 1951

“If we don’t halt population growth with justice and compassion, it will be done for us by nature, brutally and without pity — and we will leave a ravaged world.”
~ Dr. Henry W. Kendall, Nobel Laureate

Humans on the Earth behave in some ways like a pathogenic organism, or like the cells of a tumour or neoplasm. We have grown in numbers and disturbance to Gaia, to the point where our presence is perceptibly disturbing ... the human species is now so numerous as to constitute a serious planetary malady. Gaia is suffering from Disseminated Primatemaia, a plague of people.
~ James Lovelock

A human population approaching 7 billion can be maintained only by desolating the Earth. If wild habitat is given over to human cultivation and habitation, if rainforests can be turned into green deserts, if genetic engineering enables ever-higher yields to be extorted from the thinning soils—then humans will have created for themselves a new geological era, the Eremozoic, the Era of Solitude, in which little remains on the Earth but themselves and the prosthetic environment that keeps them alive.
~ John Gray

"Democracy cannot survive overpopulation. Human dignity cannot survive it. Convenience and decency cannot survive it. As you put more and more people onto the world, the value of life not only declines, it disappears. It doesn't matter if someone dies. The more people there are, the less one individual matters."
~ Isaac Asimov

"The kind of growth Western culture has experienced over the past three hundred years would be considered a sign of gross malfunction in any other context. Healthy growth is paced differently - it does not absorb or destroy everything living around it. It is cancerous cells that grow and reproduce rapidly in total disregard of their connection with surrounding cells. From this viewpoint technology would have to be regarded as a cancer on human culture, Western culture as a cancer on the human species, and the human species as a cancer on terrestrial life - a cancer that may in the end be treated by radiation and radical surgery at the same time."
~ Philip Slater, Earthwalk, 1974

"To most of us nothing is so invisible as an unpleasant truth. Though it is held before our eyes, pushed under our noses, rammed down our throats - we know it not."
~ Eric Hoffer
Apr 16, 2013 at 2:06 PM | Unregistered CommenterChristina Marlowe
"So!! Is this what extinction looks like in the tertiary stages? I mean, humans running around like fucking chickens with their heads cut off? Lovely!!"

Sad but true Christina,

Humans have become planetary Gangrene! Those who are not, are too few to halt the destruction.
Connivence, greed, lust for power, refusing to recognize natural order and the apathetic attitude of the majority of the human population are insuring the destruction of the planet at an accelerating rate.

Disgusting behavior for a species that claims to be Gods chosen and the most intelligent creatures alive.
Apr 16, 2013 at 3:44 PM | Unregistered CommenterSagebrush
Indeed, Sagebrush... yet so very typical. I am in a constant state of total disgust and pure contempt...

Read Marching Morons (OVERPOPULATION by the stupidest morons on earth; Then Sartre's HUIS CLOS (NO EXIT) Hint: HELL IS OTHER PEOPLE. Oh!! I'll leave you with this:

“When all the trees have been cut down, when all the animals have been hunted, when all the waters are polluted, when all the air is unsafe to breathe, only then will you discover you cannot eat money.”

~ Cree prophecy
Apr 16, 2013 at 4:04 PM | Unregistered CommenterChristina Marlowe
Oh...Another, um, Observation...Just in case anyone cares.
March 9th, 2011

This is an overall observation on the decline of human civilization. America is first, as usual; all other nations eventually follow it, straight down into the burning, fiery, cavernous pit of hell or, in an atheist world, extinction. This phenomenon that we are witnessing strikes me as quite similar to the major snafu by the Blue Angels one year in one of their air shows wherein the lead pilot miscalculated and, consequently, within a mere microsecond, the synchronization was irreparably ruined and each pilot that followed the lead pilot, went straight into the ground, each to their immediate deaths. Every single one of them.

As I see it painfully clearer all the time, one of my more startling conclusions about humans and human societies, is that what once had been just basic, general so-called human intelligence (nothing more, nothing less), basic human intelligence has nearly totally morphed, disintegrated and self-annihilated. It's the oddest thing. What was once considered "basic" by most standards, has been usurped completely by Abject Stupidity. Furthermore, at this...Stupidity's core...at it's very foundation, it is a Stupidity so fundamentally base, so vile, so virulent, in it's disease-like spreading and infectious qualities that, I do believe, it, this...Stupidity...has bred itself into a true, and perhaps even permanent, genetic mutation. It seems quite similar to the ongoing progression of the comorbid epidemics of obesity and diabetes. This current strain of, I'll just call it "Viral Stupidity," and I'll now invent a new word here, "Stupidification," the positive Stupidification of a whole race, i.e. the human race, is what I think will bring down the entire [godforsaken] species.

Curiously, I do conclude with relative certainty that Pathological Liars and Amoral Sociopaths comprise the overwhelming majority of the tiny ruling class; the ship of Errant Fools, on the other hand, are the astonishingly ignorant true believers, the Total Idiot Population. It is well-known, for example, at least by my own self, that outright lies, blatant and intentional trickery and casual deceit is the overarching rule...certainly not the exception. And in the constant bombardment of outlandish fabrications, preposterous confabulations, totally and intentionally false information, does serve the ruling criminal class by utterly stupefying it's population; This bombardment baffles and utterly stymies the idiot class; the incredible and outright denial of facts and denial of actual reality has become the new "reality." This confounding yet hysterically amusing phenomenon, I argue, has indeed been inbred to the point of a Total Idiot Population, (TIP hereon).

Plus, this devolution does not stop there. Moronic behavior, infantile narcissism, along with severely retarded Idiot-thoughts, are all traits now actually oddly revered and shamelessly bandied about in public. As an added part in this "stupidification" process, the TIPs who really shine, the ones that are so unbelievably stupid that they stand out hugely from the General Idiot Population (or GIP), on top of their bewildering stupidity, they are "rewarded" with sudden heaps of money thrown at them; when this happens, things really turn crazy: the unforgivably stupid people then willingly roll around in their own filthy...lucre...right in front of numerous cameras, as they proudly display their irredeemable brainlessness and now-complete imbecility for the entire world to see.

And then it's the Japanese; and then everyone else, right on down the line; they all try their idiot-best to emulate the American idiots, to imitate them just like would monkeys.

And there is the human race. Right into oblivion. Squandered completely. Oh, and don't forget the Idiot-American pastime, where there's always bunches of felons throwing around some ball in a court or field, usually whining, acting like spoiled brats, bleating and moaning...generally just gigantic, overgrown really, totally undeveloped infant-men. Infant-men with very large...complexes.

In any case, there really are very few exceptions. The whole thing is a hideous spectacle as I watch the brains of an entire species devolve into nothing more than spongy, seeping MUD. Right before my very eyes. I must admit that the whole situation does occasionally drive me to drink, sometimes heavily.


Christina "Harlow" Marlowe
Apr 16, 2013 at 4:09 PM | Unregistered CommenterChristina Marlowe
This Hegelian nonsense meme, about the carrying capacity of the planet has been going around since the "club of Rome" in the late 1960's. However I clearly remember reading a contradicting report of a Soviet scientist, calculating with proven numbers that the total Human population can safely increase to 12 Billion by merely redressing the waste of water, food and Energy. An all out global commitment of all known (1960) resources could maximize that to 35 Billion. (the Human population will stabilize at less than 25% of that).
The problem isn't a lack of resources, the problem is misdistribution of resources. Unfortunately the people benefiting from the misdistribution as such, aren't interested in undermining their privileged position to aid in the survival of their fellow Human beings.

Again, all Humanity needs is more Energy (40TW), a little compassion and a good deal of commonsense. I hope to have contributed towards that last.

P.S.: It is too long ago for me to even remember the name of that Soviet scientist, but I have heard Webster G. Tarpley on several occasions refer to that very same report. And he was attendee of that Club of Rome meeting.
Apr 16, 2013 at 8:41 PM | Unregistered CommenterMoHawk
Mohalk!! You've hit the Nail on the Head!! Welcome to the Marching Morons, 2013. It's the absolute measure of The Sheer Stupidity that has Overwhelmed all in it's path. All I'm saying, really, is Wake the Fuck Up, that's all...
Apr 16, 2013 at 8:47 PM | Unregistered CommenterChristina Marlowe
Actually there is a limit and we are ether there already or getting damn close. You might be suprised by the information on the links below. Something we really need is the common sense to quit reproducing like rabbits.
The Haber-Bosch process

Without the work of Fritz Haber and Carl Bosch world population would have topped out at Three billion, half of what it is today. Their process allowed the planet to support the over six billion alive today. There is a price to be paid for this, and the more people the bigger the price. The links below explain this price in detail.
Global Nitrogen: Cycling out of Control

The Nitrogen Fix:Breaking a Costly Addiction
Apr 16, 2013 at 10:21 PM | Unregistered CommenterSagebrush
Christina, What you refer to is called eugenics. The very people who have bought us this bastard child very clearly indicate that the human race has overpopulated the planet and destroyed it as a pestilence while never claiming credit for that which they have done. Very happily describing how mankind should just disappear and themselves not taking that first step to the other side. Why, because they think themselves somehow important enough to stand atop the heap and loudly proclaim how they need to lead. Well I say fuck that. I guess I could post some shit here about the malcontents that feed us that steaming pile. Maybe I will sometime, but right now I am going to bed, make love to my beautiful Irish wife and hopefully have number 6 here in a couple of months.
Apr 16, 2013 at 10:21 PM | Unregistered CommenterSKINFLINT
Sagebrush, With all due respect, they have NO idea how many people are on this planet. Plain and simple straight up. A lot of the numbers are made up. Thats the way it is, at least in the major metro areas.
Apr 16, 2013 at 10:25 PM | Unregistered CommenterSKINFLINT

The more the merrier, I guess. I just hope that there will be something left for them.
Apr 16, 2013 at 10:44 PM | Unregistered CommenterChristina Marlowe
Humph. They have been talking about this shit for over 150 years. There is a disturbing history to these evil sons of bitches that goes way deep. The attack on the black community for instnance. I could go on and on. Here is a quote from one of the Supremes who matriculated for a time at Stanford under the tutlage of one Gardiner Lindsey. You can read about him and the AES if you would like. Or the Society for the Study of Social Biology. Very nice people who have also created the modern education system which is now nothing more than an indoctrination into the policies that these miscreants so enjoy. JUSTICE GINSBURG: Yes, the ruling about that surprised me. [Harris v. McRae—in 1980 the court upheld the Hyde Amendment, which forbids the use of Medicaid for abortions.] Frankly I had thought that at the time Roe was decided, there was concern about population growth and particularly growth in populations that we don't want to have too many of. So that Roe was going to be then set up for Medicaid funding for abortion.... I mean just what the heck Christine? Should we go on about what Eugenics did for the continent of Europe during the middle of the last century. How the Germans put to death mentally retarded people, gypsies, jews, gays. That is Eugenics. This is what you espouse. Is this acceptable. To purposely undermine the education system to raise up a generation of nincompoops. To bend peoples minds like Stanley Kubricks Clockwork Orange. Surely you do not agree with this philosophy. Please.
Apr 16, 2013 at 11:03 PM | Unregistered CommenterSKINFLINT
Skinflint, I'm aware of that. I used the six billion figure from the riversedge article to show how their process allowed the population to increase so dramatically in just one hundred years. Whatever the true existing number is today, we are approaching the maximum we can feed without making the planet unlivable.
Apr 16, 2013 at 11:08 PM | Unregistered CommenterSagebrush
What is the maximum number Sage. I have had this conversation with folks and have never been given an answer. Do they know the figure to be six billion, or is that some sort of educated guess. I mean how many died in the tsunamis? Census takers in Philly Ny and LA are all guessers. They here what someone is telling them of how many live in an establishment. They see a table set for four with a reported two. They see a few jackets lying around and hear someone in another room sneeze. It is all guess work with untold thousands accounted for multiplied by how many large cities. The homeless as well. Everytime they move them from one place several more appear. They go to soup kithchens to get a count on a transient population with little to no success.
Apr 16, 2013 at 11:16 PM | Unregistered CommenterSKINFLINT
I don't know Skin, I don't think anybody really knows. One thing for sure, there's a hell of a lot and we all have to eat.
Apr 16, 2013 at 11:48 PM | Unregistered CommenterSagebrush
Momentarily, the only thing making deposits on BMWs will be pigeons.
Apr 17, 2013 at 2:03 AM | Unregistered CommenterHoward T. Lewis III
Mohawk is correct, the earths carrying capacity is much greater than those Hegelians would like you to believe. Half the food produced goes to waste in the world today;


And the capacity would be even greater if more people raised some of their food themselves. One tomato plant per person in a pot or flowerbed as an example would be some serious tonage of fresh vegetables added to the food system. Since many prices are based on supply and demand, this type of excercise would also lower prices as demand would fall (in theory).

THe main issue with food production today is that so many want to live exclusively off the backs of so few while giving total control of their existence to large conglomerates seeking monopoly for profit.

This is a dangerous proposition.
Apr 17, 2013 at 2:09 AM | Unregistered CommenterS. Gompers
Please, Great Invisible Man In The Sky: have the banksters perform MORE naked shorting until gold is $200, so I can buy MORE of it!!!

Only blind men can't see the system is collapsing, and the PTB are desperately trying to disarm and divide Americans to avoid the noose.

Won't work: only takes @ 5% of us to perform the radical surgery necessary to right the good ship USA.

Ahoy their citizen, join together now!
Apr 17, 2013 at 7:01 AM | Unregistered Commenterfarang
Indeed Gomp. One only has to go through the machinations of trying to gather food for a local soup kitchen to understand how bad the waste is, of which I have posted about here before. Just completely astonishing. Growing corn for cars etc. Really a sin against humanity.
Apr 17, 2013 at 3:12 PM | Unregistered CommenterSKINFLINT

The other end of the spectrum on waste in reference to soup kitchens is the waste of all the food that gets thrown away after restaurants close. Something about "liabilities", something good Samaritan laws should protect from...

And yes, completion for food or fuel in the corn markets will only do one thing, drive prices up. Yet meanwhile farmers are still being paid not to farm millions of acres a year, Not to mention there are several plants more adept to ethanol than corn that could relieve food pressures and be grown on land people are currently being paid not to farm.

I may not be a rocket scientist, but something stinks about the way things are being done.
Apr 18, 2013 at 1:59 AM | Unregistered CommenterS. Gompers
Just to give some perspective on the amount of people on the planet in relation to it's sheer size:
Australia = 7 692 024 km^2 / 7 000 000 000 person = 1000 m^2 per person (acre = 4000 m^2)
Average US household size = 2.6 = 0.65 acre per family dwelling.
This means that Australia (5% of earth's landmass) already suffices to habitat everybody on the planet in splendor.

I hope to have proven that:
A) Hegelians suck at math
B) for that reason shouldn't be trusted
C) next time you hear "scary" arguments, check the math.

Wanna know how Earth's resources are being wasted ?
Just one example: 93% of Egypt is desert. Where do the Egyptians build their overpopulated cities? On their only 7% agricultural land. No wonder their food prices are exorbitant. Keep this kind of stupidity up and the planet will become to small for even 50 million people.

Conclusion: The problem isn't too much people, the problem is too much stupidity.
The only real solution against stupidity is EDUCATION, nothing else will suffice, no matter how feverishly advocated.
Apr 18, 2013 at 3:03 AM | Unregistered CommenterMoHawk
It is always good to see someone on here who is anti Hegelian dialectic, or anti communitarian Mohawk. Agenda 21 seems to funnel people into the camps of Hegel and communitarianism. Here is a tidbit for you that would work hard at stripping power from those who seek to make us all dependent on the dialectic, Total control of our food in the hands of a few agribusinesses and chemical companies will equal poverty and hunger...

Apr 18, 2013 at 6:02 AM | Unregistered CommenterS. Gompers
Well Mohawk and Gomp. Had never heard of Hegelian dialectic. Now I have. Guess I'll have to read some more of this in detail to wrap my mind around this stuff. Seems pretty pertinent given the breakdown in todays society. Just goes to show the evil that persists in regards the leadership of our country. Thanks.
Apr 18, 2013 at 12:53 PM | Unregistered CommenterSKINFLINT
Gompers and MoHawk,

If you figure out how to provide for them, I hope the new millions move to your neighborhoods and not Colorado. The millions we've already got here don't need any extra help screwing things up, they're doing plenty by themselves and besides we're out of water.
Apr 18, 2013 at 1:05 PM | Unregistered CommenterSagebrush
Yeah Sagebrush: Here in California we've got ceaselessly breeding and totally clueless Morons of every stripe to the Bloody RAFTERS. BTW, I've already done my part by not breeding. And I'm not in any way "HEGELIAN" as some here peg me; Every single time some one tries to pigeonhole the likes of me, they are wrong 100% of the time. CLUE: I'm a MISANTHROPE. PERIOD.
Apr 18, 2013 at 1:23 PM | Unregistered CommenterChristina Marlowe
And a REGRESSIVE one at that!!
Apr 18, 2013 at 1:31 PM | Unregistered CommenterChristina Marlowe
That'll teach em to be born in a post monetized society.
Apr 18, 2013 at 4:04 PM | Unregistered CommenterSKINFLINT
I hear ya Christina,
I don't think I'm a misanthrope yet, I just avoid them, especially when something scares the hell out of them and they all start clucking like a barnyard full of chickens.
Apr 18, 2013 at 4:35 PM | Unregistered CommenterSagebrush
I don't exactly hate ALL people...So I guess I'm not a total Misanthrope. Maybe a Garden of Incongruencies is better. Not that any of it matters. Thanks, though!!
Apr 18, 2013 at 4:57 PM | Unregistered CommenterChristina Marlowe

I think you will find the study of the Hegelian dialectic of interest. I first heard this term after Bush 1 signed the Rio accord putting us on the path for agenda 21. Hegel's views have been slowly seeping into our society for a long time. Once you understand it, it is easy to spot the encroachments into your liberties.


Unfortunately Ohio has its fair share of idiots screwing things up as well, the goal is not to figure out how to care for them, but to get them to care for themselves. Many latch onto Hegel's views because they perceive them to be the easy path.


I was pointing the finger at no one.
Apr 18, 2013 at 10:24 PM | Unregistered CommenterS. Gompers
Right on, then...
Apr 18, 2013 at 10:33 PM | Unregistered CommenterChristina Marlowe
Gompers, I have been reading this stuff since last night. Got about 4 hours sleep trying to get through all this stuff. Some heavy philosophy, sprinkled with the occult for good measure. Saw there was a book about this and may get it just to have it on hand. Puts some of the pieces together and removes some of the fog surrounding the issues of the day. It's always nice to have a name to put to something. Thanks again.
Apr 18, 2013 at 10:44 PM | Unregistered CommenterSKINFLINT
If you want to know about debt forgiveness, etc., read David Graeber's great book, Debt: The First 5,000 Years. http://tinyurl.com/7hr8a9c

If you want to understand why societies collapse read Tainter's The Collapse of Complex Societies. http://tinyurl.com/bfdse

And Jared Diamond's Collapse: How Societies Choose to Fail or Succeed. http://tinyurl.com/9fy6z

Clearly the best of this genre is Overshoot http://tinyurl.com/dtveq In attempting to understand how the world works you are just fumbling in the dark until you read Catton.

It is rumored that Walter Youngquist is soon coming out with an updated edition of his 1997 classic, Geodestinies: The Inevitable Control of Earth Resources Over Nations and Individuals. http://tinyurl.com/crvxwva

Further, read Steve Keen's Debunking Economics. http://tinyurl.com/dyz3ley

Or, if you want to take the easy path, check out this site: http://www.jayhanson.us/

Apr 18, 2013 at 10:52 PM | Unregistered CommenterChristina Marlowe

Confessions of an Economic Hitman, regarding the functions of the World Bank and IMF...


Apr 18, 2013 at 11:05 PM | Unregistered CommenterChristina Marlowe
Christine, Have read a couple of Perkins books and Kleins book as well, which seems to tie in with the Hegel philosophy, though I don't remember if she mentions that aspect in particular. I will get to the other readings in due course. Thank you.
Apr 19, 2013 at 6:19 AM | Unregistered CommenterSKINFLINT
Skinflint, et al,

On both Netflix and on UTube, there is an excellent documentary series called SPEAKING FREELY; there are several parts. One is an interview with Perkins, the Economic Hitman; one with Chalmers Johnson; one with (Forgot) on [deliberately] engineered poverty. I highly recommend all of them!!!

I wonder when people will figure out that they, to quote the Cree, "cannot eat money." The truth though is that I don't care a wit about the Idiot-Despots...They'll destroy themselves by their "Halfway Cleverness." (Gore Vidal)


I now know beyond any doubt whatsoever that, as Balzac wrote, "Behind every great fortune, there is CRIME."

These cretinous billionaire and trillionaire "people" should be tarred, feathered, paraded around in dunce caps and handcuffs, and then summarily and unceremoniously EXECUTED, preferably HANGED, in a public square. They are, each and every one of these CRIMINALS, the true dregs of society; They offer nothing at all of value; Rather they suck away at society and everyone that crosses their vile, reprehensible paths.

As for Obama, I say to him: Listen up, MAN...If you don't hold the criminals accountable for their CRIMES, your precious "Legacy" will be pilloried by the FACT that YOU, SIR, are a LYING DEMON, cut from the very same cloth as your buddies in the Banks and on Wall Street that bankroll you.

Furthermore, you are, without any doubt, to quote Cornell West now,
“A black mascot of Wall Street oligarchs and a black puppet of corporate plutocrats."

To further quote West on Obama, "And now he has become head of the American killing machine and is proud of it.”

What a Disgraceful TRAVESTY.

Apr 19, 2013 at 2:05 PM | Unregistered CommenterChristina Marlowe
Want water in Colorado ?
How about moving it there.


Again, too much people ain't the problem, but stupidity (or apathy) certainly is.

Apr 19, 2013 at 9:02 PM | Unregistered CommenterMoHawk

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