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Irish Bund Spreads Hit Lifetime High Of Over 500 bps
The Irish-Bund spreads has just hit a lifetime high of over 500 bps, pushing above 502.75 last. Elsewhere, the EURUSD continues to trade over 1.40 despite the now inversely parabolic drubbing in gold. Then again, what can one expect when Cramer recommend buying it with both hands.
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Who cares. The ECB will buy the bonds.
no they won't--that's why the spread is blowing out!
As I stated on Monday, the ECB would buy them if they could but they have officially run out of resources.
Thus Greek 10yr at 10.99 and rising, Irish at 7.59 and rising. Default for the PIIGS may bring about the spark required to end the global financial system. But what do I know?
The ECB cannot run out of resources. If they have, they will simply print money, just like your old Bernie does.
As I've already said, this crisis won't reach its peak because of a default or a bankruptcy, but only because of inflation.
Bingo, therefore buy gold on this dip.
Of course they will. Otherwise the ECB will be history. That would be historic. First central bank to abolish itself.
The ECB won't be history. The pork will be cut.
Bring on the pain! This has been the most absurd rally in history, every peice of fundamental common sense completely out the window for the promise of some wild liquidity pump, but the truth is i will miss these conditions when they are gone, because fuck knows whats next.
Rest assured, it will be interesting. And at least it will be REAL. Never fear.
does anyone know why gold just tanked? ...thanks
Dunno. The dollar just spiked though. Maybe a bunch of stops got taken out?
Most likely someone big got news that QE2 would disappoint.
wasn't it Taylor's newsletter (yesterday) saying "sell AU till early next week"?
I've been expecting another spank the goldbugs moment myself.
The backstory? "Fiscally responsible Republicans to save the Nation, Fight the FED, Impose austerity etc etc" and les initials B.B. to "disappoint" with a smaller QE (initially)
You never know...
I'm holding onto mine, counting that PIIGS will scare some folks into buying PMs.
Could it be the story that Rand Paul will be able to fillibuster the debt ceiling, therefore preventing Treasury borowing from increasing?
I would hope so .But dont underestimate the lameducks who will probably raise that ceiling to infinity before he gets into office.
you HONESTLY believe he can get 39 other Repugnicon Senators to go along with him????
Right on QQQQ--london close---nothing has changed--all is an illusion.
I think a butterfly may have just flapped his wings in the JPM building.
i'm surprised its not down to 1200 with the next qe just hours away.
If it gets down to 1220, I'm backing up the truck.
If you haven't noticed- paper dump of all PM's just happened. No event to tie it to. Blew through resistance all the way down to1330.
so just a typical takedown then...I mean equities and dollar barely moved
So if this PM takedown is typical, meaning not unusual, how would you describe an unusual takedown?
I dont...these verticle plunges in PM's occur periodically with no corrosponding movement in related or inversely related mkts eurodollar and equities barely moved therefore there is macro confirmation/ verification/reason for the movement in PM's.....this is typical for a paper takedown
So this particular periodic takedown just happened to occur on QE2 day?
what better day could there be...scare longs out before a trillion in still warm digital credits...cmon bumbles...are you just playing devils ad. or are you serious?
I'm not arguing with you. I'm just trying to understand how you can say this is just your average ordinary old takedown in PM's and it has no significance, today of all days.
just because they are typical does not degrade their significance....whenever the BB's feel threatened AND see an opportunity( moment of nervousness ahead of major news event) to scare longs out, this type of manipulation occurs. In fact many of these takedowns occur just beofre or during unemployment #'s ( as per testimony by london trader/whistleblower Mcguire) so indeed todays action is extremely"typical"
Okay. I'll agree that this is an unusually typical takedown and leave it at that.
LOL.......all best bumbles.....
Thanks you too.
JPM has to cover it's shorts BEFORE the announcement.
I think the PPT doesn't *ever* want to see POG at $1400, so....TakeDown Biatchez...
Duplicate
Strange that ZH doesn't mention the ECB speech where they just announced that the PIGGS will soon need to use the EU emergency funds.
It would have been a scoop :)
Link? I'm looking for it online...
http://www.tijd.be/nieuws/geld_-_beleggen_algemeen/-Eurolanden_zullen_noodfonds_moeten_aanspreken-_.8982492-3467.art
it's in dutch
Brutal ..
From Google Translate:
"Portugal spent Wednesday morning for 1 billion euro bills to the man"
Funny. Payin' to the Man...
Me toooo~!
thanks
And Hong Kong launches its first local gold fund....
http://www.marketwatch.com/story/hong-kong-launches-gold-fund-2010-11-03
No one cares....joke
Obviously, Blythe decided to act early. The question is, what does this mean?
To me, the only reason for smashing gold now is this: The EE either knows or suspects that the QE2 announcement is going to be larger than anticipated and, therefore, PMs are going to rally sharply. So, crush the PMs now in order to cover shorts at lower prices before the blastoff.
Again, if anyone doubt the existence of the EE and their influence on today's action, simply look at a one-minute chart of todays' action. Violent one-minute downdrafts galore. Only the EE has the power to overwhelm the bid like that. They are clearly trying and succeeding in dropping price before the announcement. Again, why before? They are clearly afraid of getting their collective nuts and ovaries in a vise this afternoon.
I am very confident of a big price move UP later today.
sorry my bad but what is EE?
EE is my term for the bullion bank cartel of JPM, HSBC et al. It stands for "Evil Empire".
thanks...BB I would have understood
Dont be so sure Turd, people could be scrambling to get out of risk in general because they dont think QE2 will be so big. Dont think in conspiracy when your money is on the line dude(even if its true), because it wont be much of a conspiracy when you blow up. Look at what just happened today, people are getting twitchy. But i hope we rally, regardless.
......SEC just banned naked access trading......38% of trading volume go poof.
Yeah they are going apeshit on the retail traders for some reason.
What retail traders ?
That is exactly what I was thinking - and anticipated the move. It's perhaps their last time to cover their shorts.
I had some underwater hedges against my physical longs via GLL and got a chance to cover those at a small loss today thanks to blythe or whomever
I still think I'm right on today.
Notice how gold has crept back up to 1338, $11 off its lows, as of 12:50.
Blythe is slowly, methodically covering shorts, too.
Sounds like the Crying Game to me...
gold lower by 20$ in the last few minutes, is it now legal to 'know' what Bernanke will announce to the public in 15 mins ?
It doesnt matter. Lord Alex Jones says there will be an SDR currency. According to him, Things are going as planned, So bad news is good. Serfdom is just another couple of bailouts away. Does the NWO network carry American Idol?
bypassing the Amero straight to one world fiat currency??
one world currency was always gold/silver but why use snake oil to exchange to real currency when you can make snake oil THE currency
Todays show should be most outstanding. Gotta go. Hes on in two minutes. This is not an advertisment for lord Jones.
off topic but look at the big London pm fix intervention on spot gold price:
http://www.kitco.com/charts/livegold.html
wont last long - soon those dips will be flash interventions . 24 hours price will be back to par .
fully agree -Iran will have its joy
Distortions can only last long enough to frustrate those who recognize them. That loud popping sound you will be hearing will be the rubber bans holding this thing together.
deleted
Gold is selling off today (down ~2%) -- suggesting someone knows that they Fed will disappoint (this someone could be US Treasury or some other central bank selling gold from the reserves -- front-running the Fed announcement).
if that were the case then why barely any move in $ or equities.....does not compute
I am not sure as to why you think a central bank selling gold should influence USD or equities.
given that cental banks are buyers of gold and the imf sold aggresively last month and gold kept rising and Iran just bought 15B $ worth and gold....what reasoning do you use that a central bank was selling? this is pure conjecture an definitely a cult of reason as it goes against all evidence of cental banks interests in gold and the rapid absortion of all IMF supply with gold continuing to rise rapidly
Someone may be shorting paper - I believe physical will have demand no matter who shorts the paper . Fiat money is in the crosshairs .
If the FED did what every1 expects it to do, it would be lights out for the dollar and the ponzi, they know that the FED will die with the dollar they don't want that, ... yet
intervention of the gold cartel - LN pm fix (you don't wanna announce QE II with sky rocking gold price)
Didn't the Rothschilds do that when they got wind the British won at Waterloo, but they started SELLING in the stock market before anyone else knew - then an avalance of SELLING by everybody, and then Rothschilds BOUGHT BACK EVERYTHING for pennies!
Oh the ol'e Watterloo trick, those where the times
David McWilliams (who?) on Irish bonds and other tasty morsels...
MP3 - http://www.davidmcwilliams.ie/wp-content/uploads/2010/11/TodayFM-Archive-For-Tuesday2.mp3
McWilliam's website - http://www.davidmcwilliams.ie/
Brilliant - Ireland's First Economics Festival - http://kilkenomics.com/
In other news, a surprise guest was kicked off Dancing With the Whores. Please do NOT look at the man behind the curtain. Focus on the drama on the Jersey Shore.
freefall, bitchez.
It looks like $1T worked for about 6 months ?
And yet heavy buying on 2 days left, out of the money AAPL calls.
Would love to know who is selling all the calls. Time to buy some AAPL puts then ;)
Rand Paul = Turd in Keynsian punch bowl!
TPTB really do fear the ability of one Rand Paul to filibuster the raise on the debt ceiling. I truly believe he may do it...and I truly believe someone may be highly motivated to stop this man (Rand, hire very, very good security and make sure they work for you).
Word is he removed all hot tubs from his residence last night. Joking aside This can also be just the kind of catalyst to finally bring Ron Paul into the mainsteam for the 2012 election.For some odd reason Romney is considered the favorite know but that is because the elites have been trying to ram him down our throats in order to set up their old "Heads we win tails we lose outcome in 2012"
The people will not fall for it this time. Ron Paul will crush him in upcoming debates. What use would we have for another puppet creation that has all the checkmarks for the elitists:
Harvard bus grad
Worked for BCG & Bain
Opposed Iraq withdrawal
Father was a Governor
Top donors in 2008:
Retired $5,226,994 Securities & Investment $4,976,889 Real Estate $4,280,926 Lawyers/Law Firms $2,735,215 Misc Finance$2,181,862
1 Goldman Sachs $234,275 Citigroup Inc $178,200 Merrill Lynch $173,025 Morgan Stanley $170,350 Lehman Brothers $144,100 UBS AG $123,850 Bain Capital $123,150 Bain & Co
2 3I added similar comment above, before reading yours.
So what would happen? Would gold plunge and the dollar rise and we're all saved? Or would that be the moment where we realize we are broke and debt and the dollar are worthless and gold flies and the barter economy begins?
The $ has barely budged....smaller QE....Rand Paul putting an end to deficit spending would have pushed the $ higher but it cant get off its ass...neither of these explanations acct for move in PM's
Angela Merkel receives package from Irish Bankers, film at 11.
Tens of thousands of students are protesting in Dublin today against increases in registration fees, with reports of some clashes with gardaí in the city centre.
About 2,000 students gathered on Merrion Row close to the Department of Finance.
Witnesses said a brick and eggs were thrown at the building and that a group of about 15 students made it inside. Gardaí later ejected them.
Up to 25,000 students from colleges across the State had joined today's march on Leinster House.
Taoiseach Brian Cowen today refused to be drawn on the possible reintroduction of third-level fees in next month’s budget.
Speaking in the Dáil, Mr Cowen said he was not in a position to divulge any discussions taking place in Cabinet on the various adjustments to be made. “We have to look at all of these issues,’’ he said.
Mr Cowen was challenged on the issue by Labour leader Eamon Gilmore in advance of today’s march.
Mr Gilmore said there was a commitment in the revised programme for government which said there would be no new scheme of student contribution for third-level education. He said that had been interpreted by the Green Party as meaning that fees would not be reintroduced by the backdoor by way of an increase in the student registration fee.
Last week, Union of Students in Ireland (USI) president Gary Redmond said a rise in the registration fee would have a major impact on students.
“I think we’re looking at a horrendous situation where parents and families are going to have to decide which, if any, of their children can go to college in future.”
Mr Redmond said attempts by the Government to raise the student services charges, more commonly known as the registration fee, would not achieve anticipated savings as they would be offset by those who were receiving a grant. "We simply don’t know where students are going to get this money from.”
As well as the registration fee, which currently stands at €1,500, Mr Redmond noted that individual colleges also charged an additional levy of between €150 and €350 for student centres and other facilities.
The Irish Times understands that both student grants and increases in registration fees are likely in this year’s budget as the Department of Education attempts to find ways to reduce its spending.
“I think we’re looking at a horrendous situation where parents and families are going to have to decide which, if any, of their children can go to college in future.”
Good! 90% of the dumb fucks are only there studying medieval dance and Bod Dylans' sock collection anyway. Here's a better idea, instead of cutting places, cut the syllabus to shreads, i dont want to subsidising some halfwit to lounge for 4 years while he grows a set a balls.
You think gold is getting hit now, just wait until 2:30. I hold lots of precious metals long term but am expecting a big sell off.
Yes, Harry, but you may have already seen the majority of it. Don't look for gold to drop much below 1325 before the usual buyer(s) of size step in.
If Blythe had allowed gold to rally this morning up to 1385-90, I would be extremely nervous about what lies in store for us this afternoon. The fact that she chose to crush it before the announcement clearly means that the QE will be more significant than expected and that the PMs are going much higher.
look the golden SHAMWOW has come out....absorbing and sucking up all that gold that was just puked up
EU knows ahead of the game what exactly QE2 is this is damage control to keep the Euro down so exports dont get completely crushed . The manipulation of gold before the announcement and this are good indications of 1 trillion plus for QE2 . If QE2 doesnt occur I expect the BIG hand of the EU stepping in and gettings those numbers down .
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Why don't Ireland default already.
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