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Failure To Reach Budget Resolution Sends Dollar Plunging, Silver At New Post Hunt High
Following news that an 11th hour attempt to resolve the budget impasse between Obama, Reid and Boehner has failed, the dollar, and all related carry pairs, are getting obliterated. At last check the EURUSD was north of 1.4350, while all Yen funding pairs rose back to intraday highs. Which in this bizarro world also means that futures are now at highs: yes - a government shut down is bullish for stocks. The good news for those who continue to believe, what is only being realized by others, namely that the dollar's days are numbered is that silver has just touched $39.85: a fresh post Hunt Brother high. Gold is following suit.
And the carry basket:
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I cleared out @ swaps. I saw the spike into Asia. Plus I want to see wholesale numbers and what Fisher has to say.
and the converse is.....
...when the budget does get passed all the hysteria will pass too and PM's will crash back to pre-hysteria levels....
or
something else is at play, like, say, war(s) in the middle east and stuff like that there.
No shit. Maybe they can pull Kosherdakota out of his Minnesota igloo again tomorrow to talk the dollar back up.
Somewhere a used mattress dealer is missing his sidewalk barker.
and that mattress dealers name is Math Man.
I am Long JUAN Silver.
Speak when you are spoken to fly pimple.
You've got it wrong. Long juan silver is the ex-billy the bastard. The retardedness is obvious!
You shouldn't drink and drive. You endanger the rest of us that are responsible.
You all made me Laugh my third lung out. Love you guys! Fly Pimple? WTF. Never heard that one. A scab on the ass of humanity is my best! A wart on the nose of your ? I'll leave it at that!
You should use www.fanbullet.com to buy Facebook fans as well as twitter fans. We purchased some buy facebook likes Facebook fans and we are quite satisfied with the results. It is completely legal because the fans are real and they don't join your page until they check it and find it interesting.
Silver just hit 40.005 for May. Watched it as it happened.
Once again, I'm happy and sad. Happy to watch my account grow. Sad that it's at the death of the dollar.
Who the hell is junking everyone?
Blythe, maybe?
The US dollar is 0.85 ounces of silver.
Federal Reverse Notes are not US dollars.
Long live the dollar.
Fed delenda est.
Each Morgan dollar contains 0.7735 troy ounces of silver. That goes for the Peace dollar too. Now, the Silver Eagle is a full troy ounce.
Each Morgan dollar contains 0.7735 troy ounces of silver. That goes for the Peace dollar too. Now, the Silver Eagle is a full troy ounce.
I am looking forward to some more Junks. You pissant F/X scumbags! I stand corrected. Barney FRANK FUDGE PACKERS!
its a good thing mcdonalds is hiring 50000 people for their MCJOBS!!!!! World NEws Tonight assured us that these are moving up the ladder jobs!!!!!!Add that to Home Depots massive hiring this spring and everyone will have a job shortly be shore to add an hour on each end to pay for gas to and from. What a great economy!!!!
Maybe that's where Fed's "other assets" are going
How are all these new minimum wage employees going to afford $5 gasoline or a $40,000 electric car?
Obama will finance the car with 0 down at 0% for sideways8 months.
Problem solved.
∞ <---- that's right, I'm too legit to quit
...and $200/month smartphone plans, $200/month cable and $10 Big Macs?
Ditch cable TV, that shit is obsolete. We get our video over the Internets now.
Isn't it hard to see on a Commodore 200?
I have a shiny new I-pad 2.
Small family, eh?
Picture beer and pretzels being sprayed everywhere. Thanks for the Sarc i needed that smart retort
yeh the company is on the DOW. that is all this country is about anymore. stupid fucking junk food burgers.........beam me up scotty wherever you are .........
Add another hour for the increase in your grocery bill. And, don't forget to add 6 more hours so you can hedge inflation with the purchase of an ounce of silver. Oh, and another hour for the increase in property tax. What! I can't work over 34 hours a week? Wtf! Guess I'm gonna have to work a second job at BK just to pay my health insurance.
That chart looks psychedelic or my kid put acid in my tea again
I wish your kids would drop acid into everyone's tea. That might actually solve our problems.
He does kinda look like Abbie Hoffman...
Ah, the Hunt high was $50.
During the Hunt brothers' accumulation of the precious metal, prices of silver futures contracts and silver bullion during 1979 and 1980 rose from $11 an ounce in September 1979 to $50 an ounce in January 1980
http://en.wikipedia.org/wiki/Nelson_Bunker_Hunt
Headline reads, "silver at new POST Hunt High".
And what does my post say?
That you don't understand the word "post"?
You obviously insert the word randomly without seeing it. How does your mother feel about the habit?
$50 in 1980 adjusted for the always transitory inflation is $128.50
And your point is?
Hey willy the bastard, don't you get tired of embarrassing yourself with your stupidity here, over and over and over again?
Finally, a relevant number! Saved me the trouble.
Hey RR, Can't tell you how many months ago, I read the nice entreaty by one of the old hands- for the old posters to get back on Zerohedge. I discovered ZH , I guess, about a year ago, and, I am embarassed to admit, that I took to posting here, like a teen takes to foreplay lubed with buttered popcorn - I loved, beyond compare, this community. Then, I don't exactly knbow why - well, I was called a sociopath one too many times, I stopped participating. Of course, as I suspect, I have followed very closely, every day, just without participating - I think there are many old posters doing this. What I want to say is - I want to thank people like Rocky Racoon - that have soldiered on. I used to say, how much Cog Dis, Do Chen, Chumbawumba - all of them, mean to me each day. You are all very much appreciated. My sense is, the discourse HAS deteriorated some - there simply do not seem to be as many knowledgebale people particpating - that being said, we all really do, just wnat the conversation to continue - the Math Man, the Jon Nadler - and, sucks, I can't even remember the names of some of the trolls that preceded them- but we need you all- we need the conversation to continue. Tyler has done a magnificent job of nurturing this place to mainstream presence- WITHOUT compromiing ANY integrity.
I wish some of the older posters would participate - I have so sadly watched MsCreant's post become fewer and fewer (I'm melting, I'm melting). My point is, ZH is such a lone voice- becoming more valuable each day, and let's all make whatever effort we can to keep this alive. The discourse is getting weaker, not stronger - and we need to Man Up. Again I thank Racky, and Do Chen and Cog Dis, and Colonel Cooper- and, JFC - Turd. And, Banzai, whoever THE FUCK you are in real life - even if you are some Asperger's freako scriptkiddie - keep it the fuck up - your image/cultural knowledge is perfect, and your skillset Bespoke. You, and your audience, are bobbing along in sync- keep doing exactly what you are doing- and, if you ever get the sense that maybe you have pushed it a little too far- just step down on that pedal. I want to see your mind producing images that are as easy as a greased dildo exiting from a seizing meth ho's butt.
Just reply "Its highly functional sociopath to you, fucktard". Great conversation starter.
Noli sinere te ab improbis opprimi
I think that WB7 is, in real life, still WB7.
There's no way that a site this good will fail to attract more than its share of trolls, shills, freaks, and twits. All that is necessary for evil posters to win is for good posters to do nothing. Don't let the illegitimi carborundum you down.
Now, please excuse me. I learned from one of the paid establishment shills around here that I can dig up silver for 5 bucks an ounce! I'm going out to get a shovel.
And ... Fed delenda est.
The arrival of trolls and misinformation dispensers is confirmation of the importance of this site. I won't be suprised if it is censored at some point.
Res publica mortuus est, vivat imperium
I'm glad you're still here. Perhaps, and I say this at the risk of incurring some wrath (junks), the problem is the nature and quantity of articles which are "off topic". The depth of articles into "real" economics and finance are seemingly less encountered. Maybe it's just me, but I recall having to look up half the terminology used in articles. It was quite an education. Not so much any more? Like I say, maybe it's just me.
No shit, but the article states "post" Hunt high.
Albiet not too much longer and the Hunt high will be a distant memory
And what does my post say?
That time of the month? Anyone here knows about the $50 threshold during the Hunt run up--your point is?
Silver is $11 and 25% south of the Hunt high.
Did you get beyond 3rd grade math or 5th grade reading?
No shit Sherlock Holmes, Mr. Obvious much? But thanks for the wiki link at any rate
Study it but I'm sure Bunkie already has an employee to walk his dogs.
Does he pay late 70's wages?
That you're a gobshite?
The Gobshites are a Celtic punk band from Boston MA USA .
Nope I guess I'm not.
"Ah, the Hunt high was $50."
The post Hunt high is $39. Get out much?
He's too fucking dumb to read and comprehend anything. Ignore the troll.
You've proved your own imbecility with that drool down the shirt front fat boy.
Yes. Feedeth not the Troll, for they shall vex you with their drooling and farting and general muddying of the waters, for they shiat in their own pants.
Yeth, yeth, yeth. I have waitith 10 minutes for the firsth fart joke.. Your wit is wonderuth....well...maybe not.
China is the new Hunt Brothers. Good luck screwing China like the Hunt brothers.
Arrest that country for commodity price manipulation!
If something can be manipulated...they are.
You sure are.
We are all Hunt brothers now.
You can only dream of reaching up to touch the hem of greatness
I ripped the hem and wear it as a toga now.
You lie. You wear it as a thong.
I do at Burningman.
I do in a toilet.
eye eye skipper
we'll add the ballast...
hope you can drive
a submarine...
1995 was just a warm up. Back then it was more about politics with finance playing second fiddle. Remember: Reagan had proven that deficits don't matter ! :-)
Now we got politics AND a financial picture that's always in some state of touch-and-go, always ready willing and able to collapse. The real economy has less support. And as usual the focus is all on the paper economy, or how to rig things so that cronies and insiders get rich while the gettin' is good.
+1
No need for QE3 now.....government vacations have the same outcome.
Use Hallucinogens
http://www.youtube.com/watch?v=1u_d2V_UvkQ
My new fun thing to do.
Thanks RS.
Bet we see 40 cross tonight!
I'll be sleeping well tonight.
Potty pants are greatest invention since the surf leash!
You win!! Give that skinny old man some steroids...
Thx Robot, I was about to go over to Kitco and check PM prices, you saved me the trouble.
http://finviz.com/futures_charts.ashx?t=SI&p=m5
http://finviz.com/futures_charts.ashx?t=GC&p=m5
Edit: Somebody finds it necessary to junk links to charts? JFC.
It's about time Robo. Better late than never. It's far from over.
Robo,
Buying physical gold/silver yet? I remember the good ole days when you were DOW/S&P bullish... Lately you sound PM bullish... What do you say?
Robo is a micro-fractal of central banking chicanery, talk it down and embrace the discount. The chick with a dick likely has more Gold and Silver than all the thread participants combined.
Love your style Robo!
Hey, if it works...
Your best comment ever.
Robo's fine. Just buy physical in addition to your ETF holdins :)
Not to late btw, we are just entering Hyper-Mania phase. We are only in the 3 inning or so of that IMHO.
b.o.r.i.n.g.
h.e.r.e
http://www.youtube.com/watch?v=6qNrF-WKppA
:-) Perfect! Tks!
Wow!
those rusty shorts look shorted and wetted...
Shutdown, bitchez!
At a minimum a great oportunity to see if anything dire happens. If not, hey, let the non essentials go!
The economy might actually improve.
'The economy might actually improve.'
Long John Silver, while I know you know. If you knew the U.S. is now Japan. As in, "We are Japan" I say.
Where would you want to rest your money, in equities or PM's. Enough said.
I think it's totally unfair and discriminatory, probably racist, and arguably homophobic, xenophobic, and Islamophobic -- that people are always saying "let's shut down the non-essential" parts of government.
I say, let's shut down the essential parts.
US out of North America!
and, above all ... Fed delenda est.
Having the dollar collapse on no deal and shut down won't be a net positive for the markets as I'm seeing it.
It is true the bears stopped shorting. They just went into metals.
...aaaand stock futures love it!!!
???
silver 39.83 $ per oz
DXY 75.37
3 bps off 52 week low
Maybe after a week in shutdown the American people will say to both Dems and GOP: "Shutta you Pie Hole!" "And stay shut!"
Last one out turn out the lights in Washington D.C.
I have been trying to get physical gold for the past 5-6 days... and this is the first time my coin dealer has let me down in 3 years of doing business with him... I was suppose to get some on Monday, then Tuesday, then Wednesday, then... The wholesaler hasn't delivered and no one is selling now.
B
where do you live? i always like to add to my black market list......
NH
Gold has been sitting on a compressed spring for months.
Feels good to be part of the 1% of the population that owns metals.
How can anyone have confidence in the dollar if congress can barley pass a budget resolution for 1 week let alone a fiscal year!
seriously, are you really actually a cute young chick who is a PM bug? Do you own a unicorn?
lol
baby_blythe has a vibrating unicorn horn, and is definitely NOT who she purports to be.
I think she really is Trav. But she uses half her stash on the Ganja weed, whereas a true bug would be all in. TO bad really...
Is that a proposition trav?
King Dollar slumming it with the rest of humanity tonight. Long live King Krone!
When did silver become the go to investment? Same with gold, when did gold take over the headlines in such an epic way? I have been caring less and less about all the hoopala, and now all of a sudden I check into the mainstream headlines and it is 'Gold, gold, gold!'
I remember when I came to the conclusion that I should write about how silver will be the best investment of the next decade. I had been reading Zerohdege (The first rule....yeah yeah) for about six months when I read The Wizard of Oz with the interpretation that it was about monetary policy and decided that to buy silver was the only investment worth making (up to a point, of course, as diversification and a balanced portfolio is necessary). I thought this because silver was not only going to become recognized as monie very soon, whether or not fiat was put back on such a standard, but because it would not be confiscated. It would be ridiculous for the government to confiscate it.
Along the way, I realized that the government would not be able to confiscate gold, because they were inept, so I recognized gold as a safe haven too, even though silver has a better upside. It was only a few months after I had been writing that I called the move that I should be famous for-that JP Morgan was shorting silver and we need to blow them up.
I distinctly remember the conversation buried in piles of ruble on the Zerohedge site which was between myself and MsCreant. We agreed that silver could end JP Morgan's and thus the Fed's raping of the financial system. This was mid summer, I think.
So now Alex Jones yells into my ear that Keiser came up with the battle cry, and Keiser yells back. Although I will say I heard Keiser say Zerohedge started the idea once. Why he doesn't say it more, I am not sure. We are wearing masks, why not get the Zerohedge party started in earnest? I am down.
Yeah. I remember that. I didn't comment much but I read back to those conversations. I joined in November 2010 but still read the archives daily.
It's just beginning man. Imagine what we'll be writing a year from today.
By then our powers will be so eloquent we won't need to write; hedgers will be communicating telepathically.
My solar plexus is nagging at me, whispering that telepathy just might be the only way we'll be allowed.
telepathically... or in code. Where the Aurum at G!?
I knew you were going to say that.
Diversification is for pussys! If you know what's right, why are you hedging? That diversification crap was made up by money managers that needed work. Look at the DOW for the past 10 years.
Or run this through your knoggin - if you did buy and hold at the beginning of the year, and you had the choice of doing so with either Silver or the DOW, excluding dividends and bankrupt DOW dogs, what year was the last year that you would be ahead now if you bought the DOW....
1988
Calm down! I wasn't specific.
The only reason I would accept your PMs for labor or foodstuffs is because I know that you'll covet that shiny dirty metal you gave to me. And you would then bring back twice as much labor and foodstuffs to "reclaim" your "PMs".
Sorry to take a biblical tact, but half shekles could have been melted back into shekles, or fiat student loans for shiny physcology degrees.
You got me wrong. I like to conduct energy around the sacred emeralds I have on my stone's table.
+1. The person who junked me could learn from this post. We got some basic rules here. If you have the energy to junk, you should get off your ass and explain why.
Hurst was a terrible engineer.
"The only reason I would accept your PMs for labor or foodstuffs is because I know that you'll covet that shiny dirty metal you gave to me. And you would then bring back twice as much labor and foodstuffs to "reclaim" your "PMs"."
If don't want to accept PMs, fine. Your neighbor will. As for wanting twice the labor in return if you can get that deal in the marketplace good luck. Otherwise I strongly suspect that you'll be shining my shoes for a long time.
They will probably pass a law for a work stopage with full pay and benefits.
Ah, well. Cool spike but, in terms of the trend this is just a bump in the long road ahead for Silver's exchange rate.
Fucking dip already though, God damn. Their manipulation is just opening more volume for longs. They need to get better at suppressing the price. I'm tired of paying these premiums.
In other news: April 29th, 2011 - SILVER ILLEGAL FOR US CITIZENS TO PURCHASE
We are at the point where manipulation just chums the water an starts a feeding frenzy.
Buy now while they still trade fiat paper for PM's.
Yesterday was the dip, today is the new high, and tomorrow you'll wish you had bought yesterday.
'In other news: April 29th, 2011 - SILVER ILLEGAL FOR US CITIZENS TO PURCHASE'
LOL on that. First they put margin calls on Silver contracts. I don't think that would help either.
Especially when China tells their republic to invest in the shiny white.
But hey, best yet, The CB's, (GS, JPM and C), along with the hedge funds can play up to a million dollars of oil contracts with just 50K on a day trade. When will the sheeple figure this out. That the FED is funding this crime against the poor.
as oil hits $111, gold at fresh new all time highs and silver less than a dime away from $40...the wealth effect in all it's glory for all to see.
ain't Amerika grand?
Get your dollar fix here:
http://finviz.com/futures_charts.ashx?t=DX&p=m5
Dollar right at major support here at 75.40, if it loses that only one left at 2008 low at about 72. Then, this will make the movie Armageddon look like a tea party. (no pun intended). And of course futures are up. They need to keep ramping everything just to stay even as the dollar sinks into the abyss.
The scary part guys. I bet there are not 5% of the sheeples in this country even have a clue what we are talking about, much less take action.
This bull market in gold, silver, PMs has a long, long way to go. Notice how the dips are becoming smaller since we bounced off of 1310. I want to add more to physical, and as in years past, always waited for the inevitable dump. Well, still waiting.
Will we lose more than 8 million jobs this go around?
40% U-6 here we come!
I show 75.35 now.
75.40 reached and breached. Now 75.31 and falling hard.
OK, so now, what carry trade is nigh unto getting vaporized?
not sure about anything anymore...but what does look clear to me is that right now...I see nothing but air under the $DXY until 74.26 which would take us back to the Dec. 1, 2009 low. Beyond that...we're Zimbabwe.
How do you say "oh crap!" in Zimbabwean?
Dollar Index = 75.19, Au = $1468.60, Ag = $40.15.
Xse, Xse, Hong Kong!
Mavi!
The scary part guys. I bet there are not 5% of the sheeples in this country even have a clue what we are talking about,...
I agree that aspect is profoundly creepy.
It's like Invasion of the Body Snatchers .....Hewwwww Agrrrrha!!
Who would have thunk so many would choose to self-lobotomize?
What a spectacle!!
They don't call it the Zombie apocalypse for nothing!
I'm bored with bringin it. I wnt to be "Zombie Apocalypse" from now on.
The inability of the spendaholics to agree on a rate of increase in spending is causing this?!?! Hmmm...I find that hard to believe. What else is afoot?
Rumours of US Combat boots treading on Libyan sands...
Count up - $39.93
I need to go to bed but this is like watching really good porn.....
$39.94 - I can't sleep either. I hope it passes $40 before midnight! I will track every penny. This is historic!!!