"The Dollar Plummets" May 2nd Edition

Tyler Durden's picture

After some patriotic sentiment modestly pushed the dollar to just above humiliation levels, the DXY is right back to lowest level since July 2008. We still have about 150 pips to go until the all time low of 71.3521 from April 22, 2008 is taken out. After that, the CNY better be ready to take over as reserve currency cause it will get ugly.

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Hephasteus's picture

Good thing you were there all that time it went back up that it was in a bubble.

Way to save people. You savior saving dude!!

SWRichmond's picture

The volatility in the PM markets indicates that the big guns are firing.  Did any of you really not expect this?  Does the intensity of firing increase or decrease as the Reds get closer to the Fuhrerbunker? 

Strong hands.

covert's picture

use an alternative mint, force the market to COMPETE for your accomplishments.



Hugh G Rection's picture

If dethawing Osama's corpse and declaring victory gives the POSX only a minimal bump, I'm worried for another major false-flag event....

LRC Fan's picture

GuyS, guys.  Stop junking MAth Man.  He is up 40k since last night, pRobably another 20k or so this morning.  And silver only Costs $5 us dollars to dig out of the ground.  Who cares if APMEX is running out of Eagles at an alarming rate?  And the dollar is tanking?  Ha...yeah right, the dollar is king always and forever. 

Seriously, if the Dow drops to 7k will you say "don't worry, we're only back where we were 3 years ago!"  Go suck off Leo Kevolkias and die, faggot. 


Strike Back's picture

You've got to be a banker, studying for your CFA?  Because I've heard this argument from a banker before.

Dickhead, it was within that year three years ago that the dollar hit an all-time low.  Under that there's NOTHING, except for a new reserve currency, probably backed partially by . . . you guessed it, silver.


How's your 40k?

msamour's picture

Did you noticed how he put SARC in plain sitght! I think the comment was meant to be sarcastic.

Strike Back's picture

Was replying to MathMan.  Check the alignment before you jump to conclusions.

Ruffcut's picture

For years now, when talking about dollar bottom, The number 60 keeps showing up.

fuggetaboutit's picture

this is my new favorite argument, repeated by all morons and members of the adminstration

3 years ago the US economy was a carcass, subprime debt issues totally understood by market and the result was the "decoupling thesis", which shot oil to $148 as the world scrambled to figure out where to put assets to try to avert what was sure to be (and was) all out armaggedon in the US system

The dollar is back to where it was then, and that means no problem, dont sweat it?

How about where the dollar was from 2000 through 2007?

One thing I cant stomach is stupidity

Bay of Pigs's picture

Mish likes to ignore that ten year chart. I guess that's a "conspiracy" too?


HoofHearted's picture

Dollar is back to where it was three years ago when compared against other fiats. And just how have things been going for Europe, Japan, etc? Oh, then all should be swell for the USD also. Now compare it to the CAD, AUD, CHF, where things have been going, um, slightly better. It's notable that less than 10% of weight is on CAD and about 3% of the weight on CHF.

My silver from three years ago is doing slightly better when priced in USD. The USD is back in the trash where it was in 2008. Multi-year lows...get a clue and get a grip. Keynesian math just doesn't work...and this is from an actual math professor and not one of you silly undergrads who thinks he knows math.

Richard Head's picture

Great analysis meth man!  You really make the case with some strong data and unimpeachable logic.  What would I have done without you?  BTW, have you heard that silver only costs 5 bucks to dig out of the ground?

StychoKiller's picture

Yeah, but Security Guards won't work for less than Minimum Wage!

SheepDog-One's picture

Poor Methman, popping his head up out of his dumpster to scoff at PM's...hey hows that big silver short doin now!

The Axe's picture

yes the dollar is weak as hell, but it is over-shorted....a snap back is due. Regardless of the situation...

Ivanovich's picture

That ol' commentary regarding how long irrational markets can go and insolvent investors comes to mind.

Law97's picture

Agree, it's a very crowded trade.  My unemployed drunk of a neighbor (living off his wife's inheritance) is now heavily short the dollar based on what he sees on the evening news.  That's a pretty good tell that the trade has run its course. 


As one-sided as the trade is, the snapback is likely to be violent.

LRC Fan's picture

I don't know...the dollar is truly a piece of shit.  The DXY might rally because it just compares one worthless currency to another.  Gold is the important indicator here.  Gold wasn't hurt too bad and has some all the way back to take another run at the highs. 

Sophist Economicus's picture

I hear this argument alot, and it may be true.   BUT, there are lots of 'non-future', REAL, dollars out there in foreign lands, on bank balance sheets, etc.   If these started to get 'converted' into other currencies - it wouldn't matter what the short interest was/is -- the spot conversion activity could drive the dollar into the toilet....regardless of DXY OI stances.   This is gonna turn into a confidence game real soon

Kayman's picture


"This is gonna turn into a confidence game real soon" ?

When wasn't this a confidence game?  Let me trade your promise of "money" for my promise of "delivery" of_________( insert name of PM, stock, bond....)

This risk still is: Who gets to hold the hot potato ??



FunkyMonkeyBoy's picture

The $dollar doesn't even deserve to be called 'currency', let alone 'money'.

It's empty, worthless and devoid of value... a poignant choice of american symbolism.

Al89's picture

Everyone will be watching the 3 year low. Probably will touch around that level.

Americant Expat's picture

And just got this email from ABC Bullion in Sydney. Keep in mind I placed this order on the the 25th of March and was told to expect delivery near the end of April.

May 2, 2011         

Sydney, Australia

Our records show you are waiting for delivery of 1kg PAMP silver right now? 

I’m writing to update you on silver availability at ABC Bullion during this time of extreme demand.

However, there is still approximately “4 week delivery time” for PAMP 1kg Silver and ABC 5kg orders.

Note:If you have an existing order for PAMP 1kg Silver, we are currently running to the delivery times outlined in your invoice statement (generally, this has been 3-4 weeks to delivery from the date of your payment).

Why 4-Week Delivery for PAMP 1kg ?

You might be interested to know a bit more about why the delays are happening right now…

ABC Bullion imports PAMP bullion directly from Switzerland (Geneva). Right now, manufacturing at PAMP in Geneva is still adapting to the continued increase in demand for their silver. Resources at PAMP have been diverted into meeting silver demand, and it will now take a few more weeks to catch up with the new levels of silver demand from around the world.

We expect your normal delivery timeframes (immediate pick up or delivery) to return for PAMP 1kg silver by early June.

Remember: Other Silver Lines Not Affected

All other lines of silver (including the smaller PAMP sizes) are not affected at all and you will receive them in the normal order timeframes.

Please note that, because every purchase is covered by shipped bullion, we are also able to guarantee that every PAMP 1kg silver order will be filled.

I hope this helps you understand the current situation and explains the delivery times for those of you waiting for PAMP 1kg bars.

Yours sincerely


Silver is angry and back on the bull rush.

CoolClo's picture

Very convenient.. no body, no proof.. What a great Government.






Jeff Lebowski's picture

As odd as I find the lack of information... Should he not be dead - a time dated video would inevitably surface from OBL - that's too much liability of negative exposure on the U.S. Government and Obama to be chanced.

I say he's dead.

Maxter's picture

the point is that Bin Laden is though to have died at least 5 years ago

Kayman's picture


I agree Bin Laden is dead.

He died of natural causes in his compound in Abbottabad, Pakistan where the U.S. government has allowed him sanctuary (wink, wink, nod, nod). Or he suffered from bad timing.

Luckily for the Puppet Masters, Obie needed a little bump in the polls and took this opportunity to "kill" him.

In 10 years !!  10 years, for Chrisakes, no arm of the U.S. government could find this guy ?  Satellites, drones, and bribing foreign governments and Bin Laden couldn't be found until now ??

The secular "revolutions" in Tunisia, Egypt and the rest of the middle east had to have emboldened the political puppets beholden to their financial puppetteers.


Rynak's picture

"We have the body"...... *SNAP!*...... "Now we don't."

MisterMousePotato's picture

AAnnnndddd ...... it's gone.

piceridu's picture

They must think everyone on the planet is in first grade...they left out that Santa Claus and the Easter Bunny conducted the ceremony.

StychoKiller's picture

Good taxidermists aren't hard to find; however, finding experience with stuffing Human skins...

TruthInSunshine's picture

Now that OBL has been allegedly taken out, I anxiously await for this Most Wanted Alert to go out at CIA, FBI, Langley, Quantico, the Joint Terrorism Taskforce and within all LE Agencies immediately:

Capture or Kill Order:  Kill or Capture has been authorized on Ben S. Bernanke, William Dudley and all members of The Federal Reserve Bank for conspiring to 'blow up' the U.S. Dollar.

Robslob's picture

I am sure British Petroleum's next "deepwater" exploration will end up resurfacing Osama's remains...shortly followed by massive corexant drops to hell Osama along with the oil from their next blow out find its way back to the oceans depths...

hedgeless_horseman's picture

My guess is all is not well in the KSA-USA relationship.  We know it will never last, the only question is when does the divorce make the papers.

the not so mighty maximiza's picture

Drink faster your dollars are loosing value

tradewithdave's picture

Attention ZHers.  Did anyone else notice that this CLS Bank expose' was taken down.  Am I missing something or just overlooking it.


Dave Harrison