Crude Now Higher Than At Goldman Downgrade

Tyler Durden's picture

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TruthInSunshine's picture

Goldman's accuracy in forecasting or making calls of any type has been remarkably crude for some time.

firstdivision's picture

They wanted it to drop so they could stock up on OTM contracts on the cheap.  They value their prop trading over clients expectations.

TruthInSunshine's picture

I heard they have a long standing tradition of using an Abacus when counting profits from contra-client trades.

Forgiven's picture

Abacus - Correct.  The slide rule was far too complicated for them.

What does it all mean's picture

Not true, it was 113+ when they downgraded it.

MarketTruth's picture

OF COURSE the vampire squid Goldman Sachs wants to abuse their clients to profit on their own company books. In a word, DUH!!!

Why anyone would trust Goldman Sachs when they have repeatedly abused their own clients is beyond me.

Silver Bug's picture

The great Goldman downgrades. They are always so accurate!

 

http://silverliberationarmy.blogspot.com/

redpill's picture

I jumped in UCO a few days back after the consolidation.  Going nicely now.

Blooter's picture

How do these people still have clients.

cossack55's picture

"If the Squid you heed,

 your wallet will bleed"

nope-1004's picture

They don't.  They're a proxy house for US gov't economic data manipulation.  They wanted to try to convince the masses that there is no inflation by pulling comods back, meanwhile they bought with both feet the modest dip they created.

White-collar crime continues.  Bonuses in the name of fraud.  Nice life.

 

 

Bubbles the cat's picture
Bubbles the cat (not verified) Apr 20, 2011 1:25 PM
The Axe's picture

I think you should give Goldman Sucks a month at least Tyler....fair play and all.

ZeroPower's picture

lol @ silver drop

Tyler Durden's picture

Margin hike rumor spread. Now people realizing it was bogus (for now).

The Axe's picture

anything that drops like that..shows the chart is extended..and a real lack of bids..just like every other thing in this market...downdrafts can happen fast and ugly.

redpill's picture

We're well due for a consolidation anyway, the latest run has been a rocketship.

I'm taking a breather on AGQ for a bit.

ZeroPower's picture

Thx. If rumour causes a BTFD situation, safe to assume what happens when rumour becomes truth...

Piranhanoia's picture

It's the masochism tango. The client truly enjoys being abused. What else might explain the repeatidity?

Flakmeister's picture

Yeah... crude will get hammered on the roll... my ass. The roll has been basically flat for 9 months now..

Sudden Debt's picture

At least we got to fill up our car a bit cheaper last weekend...

Sudden Debt's picture

If you think silver is expensive, it costs 3 ounces to fill up my car for 1 week

Diogenes's picture

Reminds me of a story from Reminiscences of a Stock Operator. This guy gave a friend a hot tip on a stock, right from the feed bag. Unfortunately the stock bombed. So he gave his friend a wide berth until one day he caught up with him before he could disappear. The friend gives him a very large "Hello!" and "thanks for the tip".

The tipper said "But didn't that stock go down after I told you to buy it?"

The tippee says "And I sold it short. I always make money coppering your tips. Always!"

The tipper goes "If I had your brains I would be a millionaire."

ShaneAshton's picture

A corporation trying to make money on the backs of their clients?????

Now that's crude (pun intended)

CrashisOptimistic's picture

And so we see

Speculators . . . are the only thing holding it down.

It's going to get much, much worse.  There is an enormous amount of lying going on.

alien-IQ's picture

once again. Goldman gives it to their "customers/clients" right in the ass. Ain't the free market grand?

CrashisOptimistic's picture

Not to worry.  As soon as the President's re-election campaign managers assimilate this new surge and understand it thoroughly, it will become clear that more civilians are being murdered in Libya and direct intervention will be deemed compassionately necessary.

gkm's picture

As usual it was just a shout through the Chinese wall for their traders to do the opposite.  Say 'super spike' three times fast and click your heels.

Archimedes's picture

Follow Goldman at your own Peril. If you sold at the advice of Goldman you deserve to lose!

 

 

CrashisOptimistic's picture

Goldman has no control over geology.

In the end, geology wins.

Eric Cartman's picture

And is Goldman's stock price lower than a week ago.... yes

r101958's picture

They (TPTB) have been trying to hold down everything....but they can't. Today, the goal is to keep gold below 1500 and silver below 45 to end the day. They may succeed. But doing so has kept them from driving the price of oil down. Hey, there is only so much tax payer future money to work with.

r101958's picture

.....and I smell desperation.

ebworthen's picture

 

CNBC cheeleaders were talking about the "strength" of the markets this morning as the cotton candy spinning was +190 on the DOW.

I sat and waited for the tickers at the top of the screen to finally show me what Oil, Gold, and Silver were doing; all three were up as much as the markets and I laughed and turned off the T.V.

Will the insanity never end?

And...the dollars that anyone is going to get out of the S&P or DOW will be worth how much less than when they were put in? 

And..those dollars will be taxed at what higher rate(s)? (that is...if you can get them out of the markets when you need/want them).

The Wall Street Wonka Factory - Fudge, Taffy, and Cotton Candy!

Cue Jamie Dimon as Willy Wonka and Ben and Timmy and the gang as Umpa-Loompa's.

 

r101958's picture

Exactly, guess who gets to pay for all this propping up of the markets and shorting of certain commodities........you got it, all of us.

slaughterer's picture

I have to confess >> as someone who took GSs recommendation, I am currently underwater in my oil portfolio.  Stupid me.  Should have listened to the Morgue.  It almost seems like a pissing contest between GS and JPM on oil at this point.

The Count's picture

Conclusion: You can't polish a turd nor can you expect any advice from GS that does not only benefit themseleves.

 

PS: Blankfein, I will see you in hell.

r101958's picture

Just a question.......does anybody here think that the TPTB will ever admit that there is a peak and decline of oil production? IMO no, they won't. Why? Because of the havic that it would cause in the markets and society in general. So, how do you keep things going? ....think extend and pretend, using somebody else's money. Has anybody here seen the patterns of this game over the last two years? Not enough energy to continue exponential growth to service debt etc. But, we can't address the real problems because if we do then we get chaos.

Diogenes's picture

They didn't call it that but peak oil or declining oil supplies was one of the big causes of the 1970s. When Alaskan and North Sea oil came on stream in 1980 it faded away and the good times, and SUVs rolled again, for a while.

It is unbelievable how short sighted people can be and how short the collective memory is.

ebworthen's picture

Some theorize that this is why we are buying from the Middle East versus drilling our own oil.

That way, when the SHTF and there is World War over remaining Oil we will have enough to fight with and grow food.

Of course, why then are we letting anyone (China, Brazil, etc.) drill within 200 miles of our coast or even the Gulf of Mexico?

Sellouts - I think the powers that be (TPTB) are sellouts and have no allegiance to anyone and will buy their way into paradise or be dead and not care.

r101958's picture

If that is the case then they have really orchestrated a really nice decline curve that lines up really nice with Hubbert's curve. Any increase lately has come from un-conventional sources which are much more expensive.

CrashisOptimistic's picture

Production doesn't have to decline to crush everything.  It need only grow slower than consumption / demand.

And it is.

r101958's picture

Right now we are on a plateau...but only because they are now including unconvention oil production with conventional production.