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Here Is Why The Tadawul May Soon Pull An "Egypt Stock Market", And Close Indefinitely
The first from a major bond trading desk:
Reports are circulating that there has been massive buying of Treasuries out of the Middle East this morning following the NFP report. The buying has been across the curve, with large concentrations in the 2-5yr sectors. Now that's a safe haven trade from the countries causing the stress in the first place.
And for those wondering why the Tadawul may do a reverse EGPT, and not open for a while...
We have confirmed reports of massive amount of money moving out of the country, most likely to Abu Dhabi resulting in a huge sellout in the stock market which saw a major decline in the past few days.
As for the dollar: it is a sad, sad sight what the dollar has become. Thank you Chairsatan!
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It's on...bitchez!
silver.
Equities tumble, PMs rumble, it's OONNNNNN BITCHEZ
ruh-roh-raggey!
In the red corner, a paltry underweight tarnished and raped USD, stabbed mulitple times by POMO, TARP, TALF, GSE's and gov't incompetence stands the mighty DOLLAR.
In the blue corner, breaking high after high with gleaming antibiotic properties and high demand in industrial and precious applications stands SILVER.
Now touch gloves and fight!
Head's up, this could lead to short term dollar strength & PM weakness. Keep your eye on the big picture (unless you're a Jack be nimble trader with balls of steel). http://www.youtube.com/watch?v=g9dftLTH1Qg&
Without the support of the House of ibn Saud, the US Dollar is screwed....
Ben Bernanke: "Nothing that another helicopter drop can't fix."
The recovery will come in the form of helicopter manufacturing gigs.
A zephyr can easily whip the linen into the tail rotor. Make sure the helicopter is in the upright position before you bail.. k Ben?
...that was back then...it is now B-52 Ben....faster transit time to NYC from D.C. and 50X the payload....I can picture Slim Pickens riding a pallet load of $$$$ ....
+3 Peter Sellers
Like this?
http://www.youtube.com/watch?v=MSUgp7Cm1N0&feature=related
Ouch. I hope they had GEICO.
Now we know why Boeing got the "tanker" contract. The problem is that the first "tankers" won't be built in time to do much good even when they finally begin wholesale currency drops. Waiting until 2015 for the first one is too little too late.
I like the B-52 comment above. We have plenty of those in stock.
BITE THE F*($EN DUST!
At 75, it's over.
Promise?
Long term trend line is around 76.2 ish.. If I remember correctly.. Break that, and follow through could be bloody..
I believe the 2008 low was around 72. Once we penetrate that, all bets are off.
Break 72 coupled with inc expectations of more and more debt monetization and yup : capitulation bitchez.
Things have a habit of collapsing when least expected (not saying anyone here doesnt expect it , but all systems are weakened to the point of a catastrophic failure and then BOOM)
Hedge accordingly.
Does not having any money count as being fully hedged? If so, I'd like to take this opportunity to thank my wife...
++ :)
rimshot
"she's no lady, she's my wife"
That was hilarious Agent P. Your hedge is clearly trimmed.
ORI
Best reply EVER!
+++
could be worse, you could have said "my EX-wife"... but, then again?!
actually...70.69 in March 2008. A break below 70 and we are in no mans land...without a net...
74.15 looks like a crucial multi year support. once that gets breached the decline could be quite sudden.
At 69 plus QE-Indefinite ... yeah I'll agree that it's over.
How long until we can close that disgrace in NY?
When you see this again:
http://www.youtube.com/watch?v=mWtSWG8XRA0&NR=1
Someone is going to take a big bite out of NY. Literally and figuratively.
The whole Apple, Big Apple, Biblical Apple trio and their obvious inter-relation tot he present time blows my mind.
So how about... when the UN/IMF show their true colours.
Lucis Publishing, FTW.
ORI
http://aadivaahan.wordpress.com/2011/03/03/straykitty-wrote-in-after-a-while/
in the competition stakes for the worlds worst investors only the japanese are probably worse than the arabs
Are you tellling me that Hawaiian real estate hasnt apreciated 1000% since 1979 ? C'mon who you foolin'...
Don't forget Nobel Laureate Economist Timothy Geithner's sage wisdom on China and currencies and inflation:
US Treasury's Geithner says if China does not move on revaluing its currency, it faces much higher inflationThis is why encouraging their people to buy PMs is so brilliant. They were a little slow but it was the right move.
let's not pad his resume; it is interesting enough: he may speak chinese, have employed obama's mama, has worked for kissinger, the council on foreign relations and the imf, and he doesn't pay his taxes.
btw what happens to options contracts once the NYSE closes down for a few months ?
If you are Goldman or JPM, Bernanke covers your premiums 100% on the dollar, and throws in a 110% 'assumed profit.'
If you're not a FOB ('friend of Ben'), lights out.
yes, in a nutshell, that's about it. and, somehow, it doesn't seem fair.
The Bernank is masturbating with glee Iran can't be too far off
OK Chairsatan, you have got 15 minutes to do something about this!
After seeing what happened to the rest of the ME I can imagine the Saudis are getting their boodle out ahead of the riots. I bet they took note which foreign banks froze accounts too.
Muslim brotherhood...
Dollar was at the same levels in ....
78-80 & 90 & 92 & 95 & 08 -09 ...... But this time it's different.
dollar vs. what?
STFU and buy teh silverz
2 hard 2 find moar
Your point? Economy was in the shitter each time during those years.
And things got better, just like they are today.
Better for the sociopathic financial and political elite, indeed.
"book it" still in my top 5 contrarion indications... Solid contrary call you made with the buy bac @ $15 sell gold at @ $1355. I booked it. Thanks.
I said sell before it blew through 1,400 the first time. Then we had a 10-14% correction. Miners • ETF's blasted. Silver Wheaton dropped 25%, I wonder how many traders bailed out or got stopped out at a loss.
BAC I purchased at 12.50.
Did you buy Exxon at 59 on my call or RIMM at 44 or US Steel at 44 ???
Blow it out your ass, troll.
NOBODY here is buying your BS for a second.
Hundreds • Thousands of ZHers have seen my calls on US Steel, RIMM, ARMH, NVDA, XOM, JOBS, MPEL, GLUU ect... All 20-30% runners.
... Inflation is deceitful and ineffective. It swindles savers, fleeces lenders, pumps taxes higher and triggers malinvestment. It doesn’t reduce unemployment; it whittles away your wage. Nor does inflation promote exports, but it does make international trade more frightening.
If inflation succeeded, it would be merely dishonest. But as history proves, it never works. Neither Bush, nor Obama’s weak dollar policies did anything to alleviate the overblown “trade deficit” and much to undermine growth. There is no evidence that inflation fosters exports or employment.
As Washington plunders the value of our property and expropriates the product of our labor, inflation reduces us to servitude. Debasement is a despicable ploy the government uses to rob you blind. Period.
"You Call It Inflation, I call It Theft"
http://blogs.forbes.com/billflax/2011/03/03/you-call-it-inflation-i-call...
Massage the call all you want. Its all timing regardless. However, you made that specific "long term" call to me, predicting bac outperformance when gold was testing $1350ish support. We were supposed to "look out below". More banking consolidation could prove you right, when measuring a $14 government supported stock vs. a $1400 piece of metal. But so far, it is what it is.
And the blind squirrel buy exxon call wasn't needed... Bought CVX at 72, SLW at 17.
When QE stops, mid east finds an solid floor. gold • silver are getting blasted.
Why has gold stayed under 1,430 for so long with all the new issues ? The mid east was not exploding yet on the first run ? Gold should be at $ 2000, no ?
Yes, of course, gold and silver were not in a steady 10-year rising pattern before the latest Middle Eastern upheavals.
Seriously, what flavor of retarded are you exactly?
Silver
1960 - 1975 • $3.00 - $4.00
1975 - 1980 • $5.00 ( then the traders • hunt's ) - $40 plus. Then it started dropping, again.
1990 - 2006 • $ 5.00
Now ............. Another bubble.
Pin • Drop ..... the charts • facts don't lie. 40 years of truth.
The only bubble today is in your precious, savings-robbing fiat currency and the unsustainable governmental debt behind it. You malevolent fiat-lovers NEVER will admit or acknowledge the vast crime your always-inflationary Ponzi-money is on the vast majority of the population who are FORCED at gunpoint to use it.
If silver is in a "bubble", then so is oil, and wheat, and corn, and cotton, and cocoa, and sugar, and lumber, and rice, and soybeans, and rubber, and nickel, and copper, and lead, and platinum, and palladium, and ..... so, so many bubbles.
Just who or what is causing all these bubbles? Could his initials be "BB"?
How much debt did the US have in 1975 or 1980, genius?
Facts don't lie, but you do, like when you listed a bunch of times that the USDX has been as low as it is now, but the only time it was ever this low was in 2008.
Go deliver your fucking shinebox.
Just did another website also for $2,000. Cha' ching ...
What was the debt in in the US in 2004 as silver hit $5.00 .... What was the derivative debts in the shadow banking complex ? Did people know about this massive debt.
And Balding_Snails performs his famous two-step sidestep once again!
Next you'll be telling us that you got TWELVE MILLION DOLLARS from Prince N'guptathu of Nigeria in exchange for allowing him to use your bank account.
Face it, your world is falling apart. There is nothing you can do about it so long as you continue to shoot heroine into your balls and deny reality.
my favorite heroines: penny from sky king, jane addams, shari lewis, elizabeth I, little red from "hoodwinked", aung sang suu kyi, eleanor of aquitane, maisie dobbs ....
When qe stops, s&p getting blasted. Not sure the metals, which seem intent to break "dollar" correlation, will react as in '08.
Why is gold still under $600? $700? $800? etc. and so on at nausea.
With qe and all the "global powerhouse" issues... Dow Jones could be $36,000, no? So should I not buy it at $12,000, eh?
Agreed. This Smailes troll's anti-gold & silver arguments are as weak and pathetic as those of Jon Nadler.
And anyone expecting a repeat of late 2008 is just another general preparing to fight the last war.
But , but , but Turd and All the gold • silver bugs have been saying for the last year.
QE would never stop - 3,4,5,6. It was impossible for them to allow an interest rate rise, totally impossible.
But now Buffett and the most the fed governors are saying its not needed. Like I said, look at the earnings report for most of the businesses in the USA. They are booming.
What happened to QE to infinity ? What about the rate rise taking down the banking system ?
And what happened to China rate hikes burying the metals trade? Another "book it" fail, as I recall.
QE1 wasn't needed post bailout, remember? QE1 only became QE1 after the need for QE2 and QE lite, remember? Fed governors test the waters constantly, I know you realize this. What would happen to the markets if Fed governors came out and said we "need" further QE... while the economy was supposed to be self-sustaining for over 2 years now.
More disingenuous bullshit. Those NOMINAL earnings are only being boosted by the ongoing and accelerating depreciation of the shrinking yardstick you are choosing to measure them with, the US dollar.
So they are selling product around the globe against gold / silver or trading with other depreciating fiat ?
In global trade, dollars not falling that much .... Businesses = Booming sales.
How many people in the USA own gold • silver ? How many people pay bills , buy food , gas ,houses , pay for soccer lessons in gold ?
What's the percentage of ones wealth they have in gold because they must use fiat to pay bills/ On a global scale, everyone. People in China, USA, West Africa, Brazil ect ...
"How many people in the USA own gold silver?"
Not many, and that's just the way I like it. Once they do, I'll be out.
How many people in the USA adhere to your extraordinary popular delusion and mainstream crowd madness?.......... Most of 'em.
"If NOT running with THAT crowd is wrong? Then I don't want to be right."
It would be more productive, and less time-consuming, to just beat one's head against a wall than to try to converse logically or rationally with you. I truly am coming to believe that you are either autistic, or outright retarded.
The point that you will NEVER acknowledge is the ongoing, inherent, and accelerating depreciation of the dollar, and of all equally corrupt and Ponzi-esque fiat currencies. I don't give a fucking damn if you compare the dollar against another falling, and failing, fiat currency --- the ONLY thing that really matters is the measure of the dollar's purchasing power against REAL goods, and on that measure it is obviously falling. To ever talk about a "rising" fiat currency is an absurdity --- such a thing has never been witnessed in the long and sordid history of government-enforced fiat currency.
You put up a valiant effort, my friend. But as with any dogma, there is no refutation using logic or truth. Let's all retire to the gold room and count our blessings.
Indeed, my masked garbage can-raiding friend.
Besides, success is always the best revenge.
When did QE end?
Again, unplug your computer BEFORE taking hallucinogens.
If you are claiming that it is GOING to end, give us a date. If QE isn't over by that date, you concede that you were wrong, and GET THE FUCK OUT.
On a side note, to be fair, if physical silver ever goes below $25, I will do the same.
Lol'...
As I thought. Spineless.
You are rapidly losing your grip on the objectivity that helped you to have an excellent, basically unjunked, civil dialogue on a Chinese Bubble yesterday.
Today you are bashing the Turd (??), for predicting QE infinity, by quoting talking heads who claim it is working and might be able to be ended? It hasn't stopped yet. (You're wrong until you're right. Or at least you're opinion is no more valid.) Talking heads will always talk, and closed mouths never swallow flies.
Acknowledge possibilities. Play some chess. QE won't end until real money floods back into the dollar. As long as we are having to buy 70+% of our debt, ignoring the QE Infinity argument is like denying that it might be cloudy tomorrow. There's a pretty good effing chance.
wait... QE stops?
Moron.
Ah, Spalding is a trader. Traders often have a different view on gold than those of us who just want to buy gold and just store the wealth.
Not necessary to call him a troll for trading... Maybe he's good at it.
Yes, at malicious and disingenuous, untruthful trolling, he excels.
My well-deserved animosity toward him has nothing to do with he being a trader (if in fact he is), and everything to do with his willful and I would say deceitful propagation of misinformation and disinformation regarding the economy, gold, and the upcoming fall of the US dollar and the fiat empire of lies and institutionalized theivery.
Fuck you and your disingenuous, misleading bullshit about the dollar already.
Everyone with a quarter of a brain knows that the US dollar index is NOT a measure of the real value of the dollar, i.e., its purchasing power, but is merely an abstract and artificial construct which compares the dollar to other, equally and simultaneously depreciating (fiat) currencies. As such, it by definition can NOT measure the value of the dollar in any objective sense. It is absolutely meaningless when used on any time scale longer than a few weeks.
Go to Hell already, you malicious and full-of-shit troll for Bernanke and Wall Street.
So who's calling for the end of fiat ? The bug's, thats about it ... Not the EU, not China, not West Africa ....
And the other fiats dropping with dollar, so its really not dropping that much.
Dollars king, for a long, long, time.
Notice • no personal attacks, just the facts.
You have no facts to bolster your ridiculous pro-fiat case, only incessant blather and circular (non)logic.
The FACT is, the dollar has been on a one-way trip to the oh-so-crowded graveyard of all fiat currencies for decades, and the pallbearers are even now approaching the grave ---- all 14+ trillion of them. You can attempt to continually plaster your nonsense all over this forum, but have you noticed that NOBODY agrees with you? Of course you have, but that is beside the point --- your purpose here is obviously only one of obfuscation, diversion and disinformation. You deserve to rot in Hell with Bernanke, Geither, et al.
But go ahead, troll, I want to see you state that the US dollar index is a REAL measure of the value of the dollar, and that the dollar has the same purchasing power today as it did when the US dollar index was at the same level in 1993.
"Rot in hell...." Dude - chill out a bit. Besides, remember markets don't work when everyone agrees, let the greater fool thrive.
Screw that, and for apologizing for lying and disinformational trolling.
I am sick to death of spineless and cowardly accomodation to those who attempt to spread untruth, confusion and misdirection. This troll deserves a bullet in the head for his campaign of lies.
Wow. Execution? Not just a beatdown or something?
Oh, certainly, a good beating before the beheading.
I'm not normally one for the death penalty, but traitors have traditionally faced the death penalty.
Of course, everything that has occurred here has been talk, and in my opinion, words are never a crime. Only actions. It is wrong to call for the execution of Spalding. That is not to say that he has any credibility. He doesn't.
I would, however, REALLY like an ignore button, as he has very little to say that is worth reading, and I'm not one to dig through a mountain of shit to find a diamond, much less a pebble, as is the case with him.
I wonder how many communist troll the web talking down the USA ?
Obviously not even remotely as many who are paid to troll anti-Establishment websites such as this to talk UP the corrupt and sociopathic power elite and their fiat-based empire of lies and thievery.
You can't even form a coherent thought. Look at you, you sloppy bitch.
• Everyone •
Please read through all my post. Who's the one tossing out insults as Spalding post facts.
You wouldn't know a fact if it, like the ongoing and accelerating depreciation of the US dollar, were rammed up your ass by Bernanke himself. But I bet you would squeal a bit in delight as a result, as you clearly enjoy the reaming you are alaready receiving courtesy of the sociopathic ruling power elite.
No, Spalding posts LIES, like "we've seen the levels a bunch of times in the past and we are still here". We HAVEN'T been here, except in 2008, when the world financial system almost collapsed.
• Fact •
WASHINGTON, D.C. – March 3, 2011 – The Association of American Railroads (AAR) today reported rail traffic for the week ending Feb. 26, 2011, saw gains with U.S. railroads originating 296,252 carloads, up 2.4 percent compared with the same week last year. Intermodal volume for the week was also up, totaling 220,589 trailers and containers, up 7.2 percent compared with the same week in 2010.
Combined North American rail volume for the first eight weeks of 2011 on 13 reporting U.S., Canadian and Mexican railroads totaled 2,951,431 carloads, up 4.7 percent compared with the same point last year, and 2,166,699 trailers and containers, up 8.3 percent compared with last year.
http://www.aar.org/AAR/NewsAndEvents/Freight-Rail-Traffic/2011/03/03-rai...
In 2010, carload and intermodal volume rebounded from a trying 2009, but volumes are still below pre-recession levels, according to data from the Association of American Railroads (AAR).
Total carload volume in 2010 at 14,820,128 was up 7.3 percent year-over-year over 2009’s roughly 13.8 million carloads. Intermodal volume at 11,282,336 trailers and containers was up 14.2 percent year-over-year compared to 2009’s roughly 9.9 million trailers and containers.
http://www.logisticsmgmt.com/article/aar_says_2010_volumes_show_gains_ov...
I am guessing that all that extra freight consisted primarily of grade-A bullshit being delivered to your front door.
Seriously, are you attempting to sell us the line that a last-ditch injection of adrenaline directly into the heart of the dying patient is somehow equivalent to a return to health?
Uh-huh, and what happened to truck traffic during the same time period?
*COLLAPSE*
Still no loads, huh? From what I hear, its the same for everyone else.
Maybe you should stop delivering your shinebox and start using it. It will be a much more profitable profession as diesel prices continue to skyrocket while loads continue to be few, far between, and below break-even.
http://www.youtube.com/watch?v=Apa0nG1OfUc
Only if you consider "false facts" to be facts.
http://www.chartsrus.com/chart.php?image=http://www.sharelynx.com/charts...
The USDX hardly even dipped below 80 during any of the time periods you stated, much less 72.
Get the fuck out of here, shill.
Relative to other fiat currencies, I believe you could be right. Relative to the real world, the dollar is fast approaching the "extra-crispy" stage. Not a long, long, long time to go - unless somehow the majority of the developed world is brought to it's knees and an internal reset and revaluation can be accomplished can be orchestrated. That's an awful tall order though. Lots of risk.
I suppose another alternative that could be in play is the SDR or a variant, wherein the USD is king ding-a-ling of the basket relative to other currencies. But, I still think the SDR is just way-point to something else. A transition to a global central banking scheme. Thus, dollar in that case will go bye-bye at some point as well. What this means internally? Who knows? I don't see it fixing the problem unless it too arrives with some sort of reset.
Thanks, because fiat is not changing. China, Brazil, Australia, EU has no intentions of changing the system.
Fiat is ALWAYS changing --- for the worse. Always depreciating, always stealing from savers and investors, always impoverishing the retired and those on fixed income, always distorting the economy in favor of consumption over long-term investing and organic growth, always an abomination against everything honest and prudent.
strangely enough, you're both right.
Except that both the Chinese (manufacturing) and Russia (Oil) have both publicly stated the need for a new worlc currency.
When they feel they have no further use for us they will pull the debt trigger and Japan will be right behind them.
It is different. The can wasn't kicked as far and there was still plenty of money to steal from the public purse. Those days of turning water into wine are over.. done... ferdig og ferdig, fatto e finito
So so true. There is no alternative policies left at this point. Critically different.
Yes, this time we are in a depression with I-don't-even-know-how-many trillions in debt.
78-80 was similar, but we didn't have the debt.
If you think Zimbabwe Ben is going to fall on his sword to save the dollar like Volker did, you're nuts.
But then, I think we have already established that fact about you.
Ask the CEO's of Cat , Macy's, Chipotle, Pepsi, Exxon, Walmart, Kraft, Walt Disney, Amazon, Google, Apple, Intel, Terex, Eastman Chemical, Dupont .... If we are in a depression.
All these businesses have workers making 50,000 - 100,000 grand a year. Millions of people making money in our 14 trillion dollar economy. Most of the layoff's have not been white • collar jobs. ( housing ) Money is being made and spent in the USA, every day. We are a global powerhouse.
How many illegal aliens pulling down unemployment ???
Shit, I've heard of "whistling past the graveyard", but this delusional troll is leading a full-blown marching band past it!
Your comments here consistently read like editorials from the old USSR-era Pravda. Or like the Orwellian congressional testimony of Bernanke, your traitorous hero.
Still no answers for the illegal aliens pulling down unemployment check's. Another chart destroyed.
Delusional idiot.
So are you saying the illegal aliens are not pulling dow unemployment checks , yes or no .... ???
I am saying that you are either delusional, or a malicious troll. Possibly both.
Thanks for the sidestep • non-answer. Everyone knows the truth. The answer is a big fat yes.
So you can toss that unemployment chart in the trash. Not one american cares about illegal aliens and the drain on the taxpayers, book it.
"Sidestep", said the master to the novice.
Seriously, what flavor of retarded are you?
Ah, yes, so now it's just the illegals who are unemployed.
Grasping at straws while claiming to stand on solid ground.
Not grasping. Fact.
What's the total of mostly poor, uneducated, illegal aliens pulling down unemployment ? Simple question.
30 - 40%. Just like they suck the blood on other freebee's , hospitals ... ect. How many tax payers like this ? " 0 "
No, that is an assertion. I don't see any links. No studies. No nothing. Just empty words attempting to explain away your utter failure to understand why your world is caving in on top of you.
Tell me, how long has it been since you had a load? You sure have been posting a lot lately, during normal delivery hours. This indicates to me that you are sitting on your ass at home.
I'm sick.
Hypothyroidism and cold's don't mix.
Assertion ?
Really simple question. Can illegal aliens draw unemployment. Yes or No ? They suck the blood out of the system every other way. Hospital stays, Food stamps ect .... Don't pay taxes.
You should know this living in Texas. My parents live in Arizona ... It's a mess.
Lifelong hypocerebrism must be a bitch to deal with, too.
Suuuurrrre you are. I guess that's why you are so unicornish--you haven't seen diesel prices lately.
You know what, he's a right in a sense. The "economy" isn't for everybody; it's for those already making money and doing fine. For those outside, fuck 'em. All the other human trash can rot in hell. Ignore them; focus on the positive. Just Do It. THIS IS SPARTA!
I did not say that. Work 2 - 3 part time jobs if needed. Been going on for 70-100 years..
My best friends dad came here with nothing. He built a 25 million dollar a year machine shop. Many people suffer and work hard for the future.They lived in an apartment from the time he was 22 till 30 w/ family. Who said life was easy ?
Everyone thinks they should drive hummers and get nails done and have bulls tickets then drive home to a Mcmansion. Sorry.
Funny how the necessity to work 2-3 jobs, and your time frame of the last 70-100 years, precisely coincides with the rise of corrupt, inflationary central banking (but I repeat myself, twice) in the USA via the Federal Reserve, and the US leaving the gold standard.
All coincidences, surely.
Proves nothing... May as well ask a salesman to give me reasons not to buy his product. Doubt the CEO would last long as... CEO.
I don't remember many CEO's making downside forecasts in '07 either.
Smart for you to leave Cisco out. He won't talk your book.
Your cheerleading won't reverse our steadily declining global powerhouse. Book it.
I don't need to ask them. This economic downturn has met and continues to meet EVERY SINGLE DEFINITION EVER PROPOSED for a "depression".
But seriously, fuck off. No-one wants you here.
Well Judge Smailes all that "insider selling" certainly backs up your view....not!
You might be right but I don't recall $1430 per ounce of Hard Currency(Gold) before? Maybe something is different?
Al Arabiya reporting Allawi pulling out of Iraq gov't while Sunni/Shia clashes in Bahrain. bombing in Nigeria election gathering and clashes in Sudan ongoing...
Dom e nose!
ORI
when is the market going to realise that the euro is as safe as suicide?
http://fofoa.blogspot.com/2010/05/open-letter-to-emu-heads-of-state.html
Safer than most things I would wager ;)
I guess looking for a job at this point is... well.. not even worth the time and effort.
I'm putting my money in the true safe haven:
Illinois and California municipal bonds bitchez.
Is it called risk when you know you'll lose your shirt?
Illionis muni bondzzz
Detroit muni bondz bitchez!!!!
two choices, buy physical or if you're like the 90% people I've talked to then buy AGQ cause it's going to 400+!
geko!
yer makin coffee come outa my nose and smoke come outa my ears! only 90%? what kinda doggs dooya run wid, huh?
usually, we only go for triple lindy's here, but in this case, we'll make The Exception.
trading agq is just like buying silver @$17.50 and selling it @$70.00. isn't it???
Kill the beast, end the fed and all central banks and cut funding for the IMF/WorldBank.
...in case anyone here missed it:
March 2, 2011, 7:40 pm
A Conspiracy With a Silver Lining By WILLIAM D. COHANWilliam D. Cohan on Wall Street and Main Street.
Tags:commodities markets, hsbc, jpmorgan chase, Silver
As Americans know all too well by this point, commodity prices — for corn, wheat, soybeans, crude oil, gold and even farmland — have been going through the roof for what seems like forever. There are many causes, primarily supply and demand pressures driven by fears about the unrest in the Middle East, the rise of consumerism in China and India, and the Fed’s $600 billion campaign to increase the money supply.
Nonetheless, how to explain the price of silver? In the past six months, the value of the precious metal has increased nearly 80 percent, to more than $34 an ounce from around $19 an ounce. In the last month alone, its price has increased nearly 23 percent. This kind of price action in the silver market is reminiscent of the fortune-busting, roller-coaster ride enjoyed by the Hunt Brothers, Nelson Bunker and William Herbert, back in 1970s and early 1980s when they tried unsuccessfully to corner the market. When the Hunts started buying silver in 1973, the price of the metal was $1.95 an ounce. By early 1980, the brothers had driven the price up to $54 an ounce before the Federal Reserve intervened, changed the rules on speculative silver investments and the price plunged. The brothers later declared bankruptcy.
The Hunts may be gone from the market, but there are still plenty of people suspicious about the trading in silver, and now they have the Web to explore and to expand their conspiracy narratives. This time around — according to bloggers and commenters on sites with names like Silverseek, 321Gold and Seeking Alpha — silver shot up in price after a whistleblower exposed an alleged conspiracy to keep the price artificially low despite the inflationary pressure of the Fed’s cheap money policy. (Some even suspect that the Fed itself was behind the effort to keep silver prices low, as a way to keep the dollar’s value artificially high.) Trying to unravel the mysterious rise in silver’s price is a conspiracy theorist’s dream, replete with powerful bankers, informants, suspicious car accidents and a now a squeeze on short sellers. Most intriguingly, however, much of the speculation seems highly plausible.
The gist goes something like this: When JPMorgan Chase bought Bear Stearns in March 2008, it inherited Bear Stearns’ large bet that the price of silver would fall. Over time, it added to that bet, and then the international bank HSBC got into the market heavily on the bear side as well. These actions “artificially depressed the price of silver dramatically downward,” according to a class-action lawsuit initiated by a Florida futures trader and filed against both banks in November in federal court in the Southern District of New York.
“The conspiracy and scheme was enormously successful, netting the defendants substantial illegal profits” in the billions of dollars between June 2008 and March 2010, according to the suit. The suit claims that JPMorgan and HSBC together “controlled over 85 percent the commercial net short positions” in silvers futures contracts at Comex, a Chicago-based exchange on which silver is traded, along with “25 percent of all open interest short positions” and a “a market share in excess of 9o percent of all precious metals derivative contracts, excluding gold.”
In the United States, trading in precious metals and other commodities is regulated and closely monitored by a federal agency, the Commodity Futures Trading Commission. In September 2008, after receiving hundreds of complaints that silver future prices were being manipulated downward by JPMorgan and HSBC, the commission’s enforcement division started an investigation. In November 2009, an informant, described in the law suit only as a former employee of Goldman Sachs and a 40-year industry veteran, approached the commission with tales of how the silver traders at JPMorgan were bragging about all the money they were making “as a result of the manipulation,” which entailed “flooding the market” with “short positions” every time the price of silver started to creep upward. The idea was that by unloading its short positions like a time-released capsule, JPMorgan’s traders were keeping the price of silver artificially low.
Soon enough, the informant was identified as Andrew Maguire, an independent precious metals trader in London. On Jan. 26, 2010, Maguire sent Bart Chilton, a member of the futures trading commission, an e-mail urging him to look into the silver trading that day. “It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market can instigate a sell off at will,” Maguire wrote.
On Feb. 3, 2010, Maguire gave the futures trading commission word about an impending “manipulation event” that he said would occur two days later, when the Labor Department’s non-farm payroll numbers would be released. He then spelled out two trading scenarios about which he had been told. “Both scenarios will spell an attempt by the two main short holders” — JPMorganChase and HSBC — “to illegally drive the market down and reap very large profits,” Maguire wrote in an e-mail to a trading-commission investigator.
On Feb. 5, Maguire took a victory lap, writing in another e-mail to the trading commission that “silver manipulation was a great success and played out EXACTLY to plan as predicted.” He added, “I hope you took note of how and who added the short sales (I certainly have a copy) and I am certain you will find it is the same concentrated shorts who have been in full control since JPM took over the Bear Stearns position … I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC’s allowing by your own definition an illegal concentrated and manipulative position to continue.”
In March 2010, Maguire released his e-mails publicly, in part because he felt the trading commission’s enforcement arm was not taking swift enough action. He was also unhappy over not being invited to a commission hearing on position limits scheduled for March 25. Then came the cloak and dagger element: the day after the hearing, Maguire was involved in a bizarre car accident in London. As he was at a gas station, a car came out of a side street and barreled into his car and two others; London police, using helicopters and chase cars, eventually nabbed the hit-and-run driver. Reports that the perpetrator was given a slap on the wrist inflamed the online crowds that had become captivated by Maguire’s odd story.
In any case, the class-action lawsuit contends that between March 2010 and November 2010, JPMorgan Chase and HSBC reduced their short positions in the silver market by 30 percent, causing the metal’s price to rise dramatically, but leaving them still with a large short position. Now, with the value of silver rising nearly every day, the two banks are caught in a “massive short squeeze,” according to one market participant, that appears to be costing them the billions they made originally plus billions more. Whether these huge losses will show up on the books of JPMorgan Chase and HSBC remains to be seen. (Parsing through the publicly filed footnotes of derivative trades is no easy task.)
Nonetheless, the conspiracy-minded have claimed that the Fed must have somehow agreed to make JPMorgan and HSBC whole for any losses the banks suffered if and when the price of silver rose above the artificially maintained low levels — as in right now, for instance. (About all this, a JPMorganChase spokesman declined to comment.)
Some two-and-a-half years later, the Commodity Futures Trading Commission’s investigation is still unresolved, and at least one commissioner — Bart Chilton — thinks that after interviewing more than 32 people and reviewing more than 40,000 documents, there has been enough investigating and not enough prosecuting. “More than two years ago, the agency began an investigation into silver markets,” Chilton said at a commission hearing last October. “I have been urging the agency to say something on the matter for months … I believe violations to the Commodity Exchange Act have taken place in silver markets and that any such violation of the law in this regard should be prosecuted.”
What’s more, Chilton said in an interview last week, that “one participant” in the silver market still controlled 35 percent of the silver market as recently as a few months ago, “enough to move prices,” he said, and well above the 10 percent “position limits” the commission has proposed to comply with Dodd-Frank financial reform law. Since that law’s passage last summer, the commodities exchanges have issued waivers permitting the ownership of silver positions above the limits the C.F.T.C. has proposed, and which were supposed to be in place by January of this year. Yet the waivers remain in place, and the big traders have not been penalized, much to Chilton’s frustration And the mystery deepens: last Thursday, the price of silver fell $1.50 per ounce in less than an hour before recovering. “This was robbery at its most obvious and most vindictive,” wrote Richard Guthrie, a London-based trader, in an e-mail to Chilton. “How many investors lost money and positions to the financial benefit of an elite few?”
It’s getting harder and harder to continue to brush off Andrew Maguire’s claims as the rantings of a rogue trader with a nutty online following. The Commodities Futures Trading Commission should immediately release the files from its investigation into the supposed manipulation of the silver market so the public can determine whether JPMorganChase and HSBC did anything illegal, with or without the help of the Fed. In addition, the commission should start enforcing the 10 percent threshold on silver positions it has proposed to comply with Dodd-Frank law. Basically, the other commissioners must join with Bart Chilton to do the job they are required to do: Protecting the sanctity of the markets and preventing the sorts of manipulation we’ve seen all too often.
on Fri, 03/04/2011 - 10:56
#1018735
...in case anyone here missed it:
March 2, 2011, 7:40 pm
A Conspiracy With a Silver Lining By WILLIAM D. COHAN
William D. Cohan on Wall Street and Main Street.
Tags:
commodities markets, hsbc, jpmorgan chase, Silver
***** "and the Fed’s $600 billion campaign to increase the money supply." *****
********************************************************************************
?????????????????????????????????? $600 Billion ??????????????????????????????????????????
TARP was $700 Billion... http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
POMO http://www.newyorkfed.org/markets/pomo/display/index.cfm?fuseaction=showSearchForm
QE 1 http://www.youtube.com/watch?v=PTUY16CkS-k
QE 2 http://www.youtube.com/watch?v=ohKQP_wSO9k
I skipped all the QE 1a, 1b, 1c and 1d and al the QE 2a, 2b, 2c and 2d...
I am out of fingers...
But here is what a Billion Dollars looks like.. http://www.youtube.com/watch?v=um0guhNGPPM&feature=related
but here is what 1 trillion looks like.. http://www.youtube.com/watch?v=DBMGms17blE&feature=related
$600 Billion is More than FEW TRILLION LITE!!! as we are out of debt ceiling at $14 Trillion dollars.
http://www.washingtonpost.com/wp-dyn/content/article/2011/01/16/AR2011011604005.html
I've just finished reading Bill Gross' March 2011 Investment Outlook. The central point in his note is "if" QE2 ends in June, who will purchase US Treasuries when the Fed doesn't.
The fact that we are seeing flight of wealth out of this region (a second world area) and not into the USD is telling us something...
Not gonna be pretty whichever way you look at it! Stop the QE... Market collapse!
Continue with the QE.....Dollar collapse!
It's like given a choice to choose between death by the guillotine or the eclectric chair.
gold up $14.30 and silver up $1.03 in the last 3hrs
An image only williambanzia could do justice to zipped across my minds eye...
..there's The Bernank shoveling FRNs into a firebox connected to a straining, ready-to-explode old steam locomotive belching steam, smoke, and who knows what else (the economy?)...
...bearing down on the beautiful woman tied to the tracks (us, as in not them the rich) while Snidely Whiplash (Greenspan perhaps) laughs off center.
But I may be a bit carried away.
I can't draw with a damn.
Pete
There has gotta be a near term dead cat bounce before this thing
drops off a cliff right?