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« Gold Does Not Need You Or Me | Main | Monetary Policy at a Crossroads »

Gold and Silver get Clobbered

Well just shortly after Ben Bernanke had finished speaking the precious metals market felt a cold draft as both gold and silver prices were taken to the wood shed.

The Fed Chair announced another round of quantitative easing, QE4, to replace the Twist as it expires this month, thus continuing to purchase $45 billion per month of long-dated Treasury bonds.

QE4 was not a surprise, it was widely anticipated by most economists and financial observers, however, it looks not to have been the driver that many investors in the gold and silver sector had wished for.

We don’t expect this downward pressure to remain in place as this hit comes when the main trading session for the day had already ended. We do now need to watch carefully for indications of just which direction the precious metals will take in the short term, so tread carefully.

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Reader Comments (4)

You wrote--

"QE4 was not a surprise, it was widely anticipated by most economists and financial observers, however, it looks not to have been the driver that many investors in the gold and silver sector had wished for."

Sorry to feel compelled to respond, but what an asinine remark!!!! Does that chart look like it was "many investors in gold and silver" driven?? Are you that naive!! If you don't see the heavy hand of the anti-gold legalized counterfeit/fiat money producing bankster cartel in that downswoop, then you have no clue what drives these kinds of waterfall drops. Why would investors all of a sudden dump that much gold and silver, simultaneously, into a rather thin market?? Certainly wouldn't maximize price, now would it? And why did gold and silver move up after the morning announcement? You think that most investors in gold and silver are that schizoid to change their mind that fast with the evening speech already a known known? Sheesh.

Certainly there were likely many sell stops hit on the way down, which is exactly what those doing the takedown count on, esp. since these are insiders with intimate details of where all the stops are...very easy to run. Bottom line: this is criminal collusion that has been going on for MANY years in the gold and silver markets, esp. on the COMEX and the LBME, but really any of the markets, since these above the law "bigboyz" have their presence in all of them, and the NY Globex is 24h. It's disgusting...paper trumps metal. Hopefully one day the physical market will overwhelm these above-the-law criminals and gold and silver will finally rise to the levels they should. In the meantime, as stated, those of us who have watched these markets for decades remain disgusted at the CFTC and the other oversight agencies that collude in silence with these banksters, esp. JPM and HSBC.

December 13, 2012 | Unregistered Commenterjt

As I write gold is still at $1695 so there hasn't been a great rush to get back in there. There may be some truth in what you say and yes we are all hoping for the day when the amount of physical take off renders both metals so scarce that there is only one way to go and that's up.

So, let me put this question to you:

What is the catalyst that will send gold prices to $2000?

This is something we are wrestling with but haven't got to a conclusion yet.

Finally, sorry about posting comment late but we do vet them all in order to keep the site free of spam. We are looking at ways to allow regular and trusted subscribers direct access to our site in the near future.


Bob K

December 13, 2012 | Registered CommenterGold Prices

BobK...again, sorry for the inflammatory "a" word, but I'm so sick of uninformed and uncritical analyses of the gold and silver markets by the majority of analysts...uncritical to the point that their "reasons" for takedowns one day are the same reasons they give for advances the next!!

To answer your question, I don't know what it will take, beyond what I wrote:

Hopefully one day the physical market will overwhelm these above-the-law criminals and gold and silver will finally rise to the levels they should.

There are obviously many "powers that be" behind the curtains that have some degree of control over govts and markets, and I'm not privy to most of it. We thot that perhaps the new Basel III rules, making gold a Tier 1 asset (ie, 100% usable as collateral), might help. But now there will perhaps be a delay in implementing that. There are certainly major entities, such as China and Russia, et al, that are working toward ending the hegemony of the Fedl Reserve Note (aka, the USDollar), but that would be done slowly as not to cut off their noses to spite their faces, esp. in the case of China. But were a new reserve currency to come into play with gold backing, that would certainly change the equation.

(It is also certainly possible that China et al are now also participating in the manipulation of markets, but for the opposite reasons: to BUY more at cheaper prices. China has made no secret about wanting to massively increase their reserves of gold in order, many believe, to make the yuan / renmimbi the next candidate for world reserve currency.)

Silver is another topic, since we have been in a shortfall condition for decades now with it (ie, more consumed and/or taken off the market as investment, just as gold is, than is mined/yr), and, unlike gold, it is majorly consumed in industry, for one, and has no known major govt reserves (read, central bankster reserves) that can be dishoarded into the market or leased out for the purposes of selling into the market to suppress / manipulate / manage the price of gold (which as you know is the canary in the fiat kingdom's coal mine, revealing the ongoing debasement & loss of value of their paper pretty much world wide). At some point there should be a default on delivery either at the COMEX or the LBME...but we've been expecting that for a long time now. The problem is that it would appear that a majority of those playing in those rigged casinos are simply playing the paper game and not standing for delivery. That's what makes them so easy to game by the bullion bankster shorters. Should JPM ever be forced to cover their shorts, the price would skyrocket.

Beyond that...don't crystal ball broke a long time ago. But just understand, you are NOT seeing "gold and silver investors" being run out of their physical gold and silver positions or changing their minds about the value-preserving functions of those metals, only PAPER gold and silver investors being once again ripped off by those who are allowed to use these supposedly free and unmanipulated markets as their own private casinos....jt

December 13, 2012 | Unregistered Commenterjt

Maybe I should have used the word 'speculators' instead of investors, however, I do take your points and thank you for taking the time to comment, please feel free to add your comments to any of our future posts.

Have a good one,

Bob K

December 13, 2012 | Registered CommenterGold Prices

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