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First, I had no idea that PimpCo had anything to do with gold...
Second, this headline makes no sense to me...
Third, F**K PimpCo!
Makes no sense to me, either.
USA credit rating drops and they are ditching gold?
edit....captcha -22 minus ___ = -77
answer would be 55, correct? Not according to CAPTCHA
Glad ya'll said something because I clicked over here to see if a comment might clue me in as to what is supposed to be apparent to others.
Edit: You needed the negative sign on 55.
-22 - (-55) = +33, not -77
Only at ZeroHedge does traditional mathematics remain valid...
i was in an alaskan town once where half the population were prostitutes. the other half was the cook. so he sold half an oz. the headline was worth the loss.
naw this makes sense. As we saw in 2008, when shit starts rolling over, leveraged positions will once again have to be liquidated, driving gold and commodities down and dollar up. I don't think gold will start rising substantially again until Benron's response to the crash begins....QE 2.0 and god know what other inflationary measures he would take.
I don't think that is correct...
a minus -55 would be a plus 55
That's funny. You were both very polite about that! Sorry for butting in.
The Captcha here has never worked right. I only get it after I first login. If it fails I just keep hitting the submit button until it goes away, which it should after the first or second time after logging in.
But anyway, yeah, this is about as stupid a move as you can make.
Let's see, the country that backs the global fiat currency is about to implode, so let's sell all our gold!
I am Chumbawamba.
Same here, hitting submit a second time always works. Just goes to show that persistence pays
Chumba & Hulk, two of my favorites.
When the Captcha asks for a minus answer that is two digits, it comes back with an error, but still posts my reply.
My CAPTCHA went away for a month after I donated to ZH...........but I'm sure it was just a coincidence......
And here you were, teaching algebra just last night.
What's the opposite of "talk your book"?
"Goldman your book"??
Some say Gold is an inflation hedge, some say a deflation (or uncertainty) hedge.
Some say Pimpco and Goldman are WHORES so why listen to ANYTHING they say?
And I thought it was me.....LOL
Maybe they know the U.S. government plans on taxing all gold profits at 75%. After all, those who have more loyalty to gold are really economic terrorists, are they not?
-22 minus ___ = -77
-22 -X = -77
-X = -77 +22
-X = -55
X = -55/-1
Get with it folks, captcha has switched to "new math" (described in BLS textbook)
That makes sense...
ZH needs to come out with an "Obamulator" where, no matter the inputs, the output is always wrong. (Doesn't necessarily need to be Obama related, as our problems go back further than the Messiah, but you get the drift)
Who's with me?
Whether results are 'wrong' is subjective -- for the gov't results are what they need to be.
That's kind of my point...that math isn't the math it used to be.
That gave me a good chortle
Actually, if we had Obama math, wouldn't any answer always be right? Being wrong is hard on self esteem, and we should ALL be winners in our new Hopey-Changey America.
You bet schools out ... been out for along time eh?
Just remember that little fact when you read ZH. I love the site, but it says something when such an obvious "little" factual detail is .... ignored.
And dont forgeet, the IP is located in Sweden....
I think what they meant to say is that they are ditching SHORTING gold.
AAA rating is going away so SELL GOLD. That makes sense.
Maybe they are selling gold to sustain the dollar, otherwise the stress on the rating would come much sooner than within three years? :o)
No seriously: I can't understand either, AAA away "therefore" sell gold... ??
Anyway I expect "tension" on the triple A to come much sooner than later...
Just my 2cents.
They probably sold GLD so they can move into actual gold within 3 years... or something.
They bought two gold eagles last week and sold one this week. That way the can protect their remaining bond exposure with a cheap deflationist message to the markets... BTW... aren't they half in cash already or something?
It makes sense if you're the Fed's handmaiden.
It might also make sense if you fundamentally have deep and abiding faith in fiatscos, believe that hyperinflation is a zero possibility, and therefore think that 8-10% interest rates on fiatscos will outperform gold price appreciation.
That's sort of ignoring secondary consequences, though. If the interest rate heads for 8-10%, either it would be caused by large scale inflation, or it would cause a virtual collapse (who can afford 8-10% interest rates, if your wages don't appreciate by this amount as well?)
As documented here many times, at those rates, the service charges on our debt would be insurmountable. We would be posed with the decision to fish or cut bait.
But then I must wonder if the handmaiden chicago-girl won her degree in a bingo-hall.
If interest rates are that high with this unemployment and prices start discounting these rates, economics will be your last problems since you'll have to recall all expeditionary forces to confront internal uprisings (provided you have still enough ressources to bring them back)...
By the way: something against people driving fiats? :oD
I can only parse their logic by assuming they meant sell GLD rather than gold.
don't get it surely thats good for gold
That is a nice teaser.
Will full text, all your questions are going to be answered.
Keep hitting F5!
28 day auction ugly as expected, high rate .03%, and the median was at or below .01%
EEEEWWWWWWW!!!!!!!!!!!!!!!! In less than 2 wks , drops from .157% to .03%
YES! I was just looking at this.
1 fucking basis point for a 28-day bill? Certainly looks like there is more than a little scared money out there.
Indeed, I have some 28 days coming due for automatic re-up that I got at .157 two weeks ago,and I just logged in to TD and canceled those re-ups, until something gives. No way I am buying those dead horses. I will just leave it in C of I for now until the longer term yields get back up. Not worth playing crooked stocks or treasuries at this point. Both are being manipulated to the stars. Pretty soon we will have to pay Timmy to lend him money. WTF?
Contradictions do not exist. Check your premises, as one of them is wrong. -JG
the "trillions" in precious metals in afghanistan story fizzled yesterday....so today, PIMCO -- who IS the handmaiden of the Fed, and has never been known to BE a major gold player but again, Ben relies on the ignorance of the peasantry -- PIMCO says its cutting its gold exposures.
so terrifying that i see gold is now rising.
Yeah, despite this ridiculous rally going on, gold spot prices are only down 2% from their highs, and even up today.
Yes but keep in mind that $1250 will be defended at all costs. A strong move through there and it begins to really get away from them.
I wonder what JPM's short position would cost them if gold went to $1,300
It will cost them everything when the world finally realizes that the ETF for which they are custodian is absolute bullshit and fake. They are the next BP.
Yea, but I definitely wouldn't mind that clusterf&^k when it happens.
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