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Unfounded Rumor Of The Morning: BOJ Preparing For FX Intervention
Some of the JPY weakness this morning is being attributed to a rumor making the rounds that the BOJ has asked Japanese banks to prepare for possible fx market intervention tonight. Seeing how the BOJ has been full of nothing but hot air, and other byproducts recently, we are confident that nobody will buy it - traders now want action, not words. The brief spike in JPY crosses has been promptly regained. Furthermore, with new EURCHF record lows every day, we believe the likelihood of intervention in the Swiss currency is far larger, and we are surprised nobody is wondering how Hungary is doing these days, where the Forint has been in freefall, and domestic borrowers are about to embark on a default tsunami.
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What would the world economies be without constant intervention to extend it and pretend it, just one more hit, should do the trick.
Is this a real world, or a fuking methadone clinic?
this is so disgusting
who has the right to intervene and weaken any currency
this hopefully will be the beginning of the end for all central banks
I'm sure the Japanese are really greatful when the bank steps in to make their savings and currency weaker.
A nations currency should be held up to be as strong as possible
anyone who devalues it should be executed.
a strong country has a strong currency
end of story
if they really wanted to stop it then stop the low interest rates that encourage the
carry trade
We do have a law against it yabs! No one freaking gives a rats ass its now a world race to full implosion! Buckle up!
yabs,
a strong country has a strong currency
end of story
That's just it, they don't.
1964 recent college grad [worst 5 yrs of my life] American co. sues Swiss co. to break a contract due to persistent terrible quality; they send me to Zurich lawyer with fact/photo album I composed to demonstrate case; 3 parts--what is easily demonstrated/what is true but not easily demonstrated/what seems true but only opinion.
Few hours with lawyer and he says come back Monday for conf call with Swiss principles.
Monday he & I sit at huge conf table with jar of US cigarettes and telephone. He dials and begins yelling something awful. I listen and embarassed/ashamed for his manners as he berates other parties for horrible Swiss quality, Swiss reputation, on and on [I speak less than rudimenatary German].
30 minutes later hangs-up, tells me go home, all done, contract agreed voided, papers to follow.
The Swiss know something.
Hungary going private...sovereign LBO. Will change its name to Soroslavakia.
sheep yesa its in the constitution right?
why is the constititution not being followed but somehow the federal reserve act of 1913 is?
YEA good point YABS! The ONLY law being followed now is the 1913 federal reserve act! Rest of the entire body of law is out the window or made of silly putty to be shaped and molded to whatever they like!
1966 No.Vietnamese interrogator:
[America] can land man on the moon, but you cannot stop a war. Please explain.
Right on cue. Fed now resorting to timely rumors to assist in spinning the plates. More falsified econ data enroute this month. I'm starting to think Tyler is correct even though I believe the Flash Crash was engineered the true flash crash will not be one meant to move legislation. Will all these stops pulled out by Central Banks to coordinate the ponzi using media control, nonsense data, beaten down expectations, monetization, Bond purchasing and Bailouts for all sovereigns one day a piece of data is going to cause Ben to fall off the highwire amd when Skynet computes that intervention can no longer work it will seal our fate in under a nanosecond and the markets will go away never to be seen again.
I agree with that John McCloy, the final Skynet takedown will be 1 nonosecond and anyone with exposure to any of this will be null and voided, in under a blink of an eye! This is far beyond full-on retarded now.
What you're talking about is devaluation of the currency. One day those retirement savings are worth so much, then the next they're worth half or a quarter what they were the day before.
Exactly.
CE,
I almost plead ( in an educational manner with my friends, about this very fact).
It's like talking to dummies. They have worked all their lives amassed great wealth, or more than enough to get them(in normal conditions),thru 20 yrs of retirement till death in dignity.
But, they still have the majority of their wealth in FRN's or 401k's,and the freakin market.
Nothing I say seems to get through.........I even send them links to ZH, and other places.
That said, I have been the Watchman on the Wall, and have done all I can.........so be it.
Going to be a real sad day.........
i thought the number one unfounded rumor would be that johnny bravo went long gold.
In order to do that he'd need some capital, and I don't mean the imaginary money that he invests with the help of his equally imaginary perfect TA techniques.
+1260
The guy's skint, the only gold he'll ever end up with are those cheap hollow 14K earrings he bought his wife on their 25th anniversary
Such is the life of 3rd rate Accountants.........
Not a wife, a girlfriend.
And she probably left him when he moved in with his parents.
Have fun with those Euro shorts today.
Loonie regains its composure after rate hike. So, the Bank Of Canada intervened in the currency right before the rate announcement, not that it had any effect.
Any currency intervention is just not worth it, the Japanese know this. Its all jawboning.
The movement in the Swiss Franc is more important, because pricing bullion leases becomes problematic if the currency adjusts after the fix.
Without a gold thread to post, I thought I'd use this one.
Today is a very important, significant day in gold. Over the past month, all attempts at capping by the Evil Empire have been met with similar matching bids by a buyer(s) of size. The buyer(s) lets the EE do their dirty tricks and then steps up and buys the market back up. This has happened 5 times in the past 4 weeks.
The action of this morning, so far, has been eminently predictable. On cue, the EE hit gold for $10 right as gold approached 1265. Similarly, on cue, once gold was down the $10 that the EE is usually good for, the buyer(s) came in and drove the price back up. IF, and that's a mighty big IF, the EE can be defeated today you can take it as a sure sign that gold is immediately headed to 1290 and then on to 1350 for IF, and again its a big IF, the EE can be so easily overcome at a price point which, in the past, their vigorous efforts would have certainly have been successful, price suppression on the Crimex may be coming to an end. (
Not quite ready to bust out the "Ding Dong the Wicked Witch is Dead" clip yet but the day may be fast approaching.
Thanks for the post, Turd.
Have you noticed that the charts for gold and silver aren't following each other nearly as closely as they usually do? Yet they are both up. I'm not sure how to interpret that, or if it is anything other than my imagination.
TM: My best guess is that there is a supply squeeze building in Silver on the Crimex. This has been helping to provide support for gold in the next pit over. Be sure to follow Harvey Organ's daily commentary. Here's the link:
http://harveyorgan.blogspot.com/
My plan was to roll my Oct calls when we hit 1265. I didn't do it, however. I may come to regret my decision but today's action has given me confidence that 1265 will not hold. I doubt that the EE will allow gold to close above 1265 on Friday. They'll do everything they can to keep that kind of close off the weekly chart. I don't think they can buy themselves more than one week of time, however.
When the July correction hit, I tried to counsel everyone here that the chart damage inflicted by the EE would keep gold in a box through Labor Day. That prediction came to pass. Its now off to new highs. If not this week, then gold will climb through 1265 next Monday or Tuesday, setting up an initial run to about 1290. After a brief pause, we will see 1350 before Halloween and 1500 before Dec 10.
Agree.
Another factor today is that "They're Baaack"....Volume returning as players are back from the Hamptons. Many of the money managers are playing catch up from a lousy "summer of recovery". So there's a distinct, time honored possibility that they begin first tip toeing then herding into the only thing really working. They'll look around and the alternatives are not terribly appealing right now with veils of uncertainty now forming.
f**king BOJ
f**king central banks
they all f**king suck
Thank the BOJ for once again emphasizing that gold is the only currency which cannot be devalued at the whim of a politician.
But it (Gold) can be confiscated. I'm worried that many here on ZH don't think this could or would happen. There have been a few stated reasons why it would not be confiscated. Let me give you one reason why it might.
Because they can.
And if they find it in their interest to do so in order to maintain their power or the power of the Ponzi, they will do so. Period.
I hear ya, CD, and it certainly wouldn't be unprecedented. However, until they come to take it and me away, it certainly is the only store of value left available.
they can't confiscate it if they can't get to it though, turd.
real battle at 20 today with silver. maybe won't break and hold today, but the dam is ready to break.
Gold was confiscated in only one country in the world once in history. In South Korea, they appealed to the public to divest their gold holdings when they had a currency crisis.
So there's more than one way to go.
Uhhh, Fran, you might want to take a few minutes to read this:
http://www.blanchardonline.com/beru/confiscation_1933.php
And your point is, if I may politely inquire?
<double post>
*double post*
Not so. China under the Mongols also made possession of gold illegal within their borders. Any trader crossing their border had to exchange their gold for paper money, or vice versa when leaving. This is recorded in the writings of Marco Polo. http://en.wikipedia.org/wiki/Chao_(currency)
Note that that system collapsed, causing the Yuan Dynasty to crumble. It took 98 years from the date of its founding for that to happen.
Why would they do that when there are all those ripe retirement accounts and pension funds out there?
Also, I don't own any gold, but I do hear that there are these borders it can be carried across.
They can want and declare anything they want. Getting compliance is another matter.
If they actually try to confiscate privately owned PMs they will likely discover a mother load of Pb awaits them.
It's not the '30s. The peeps are not nearly so naive.
And currency too can be confiscated. In the form of reduced buying power by an irresponsible government policy or action.
Governments have confiscated wealth and economic security in the form of inflation around the world over and over again. In some cases it was hyperinflation (Weimar, Zimbabwe).
In our own time, the threat of wealth confiscation in the form of currency devaluation and inflation is a clear and present danger to your economic security. It is the current stated policy of the Federal Reserve to "Reflate".
So the real question is: do you want to gamble your economic security on the politically biased, unreliable judgements of the men in the Fed and government?
The risk of serious killer inflation outweighs the risk of gold confiscation which only happened once and at a time where the goal was to reverse killer DEflation.
They "can", but they can't. It would be like confiscating guns. Any real attempt to confiscate will only result in a nationwide bloodbath. Any half hearted attempt to confiscate will only create a black market and serve to drive the price higher.
Attempting to confiscate gold will also be an admission of defeat on their part, something that I don't think those arrogant bastards are capable of.
Currency instability and uncertainty. Capricious world government policies that change and reverse. Lack of transparency and proof of conspiracy. Politically motivated economic intervention.
One common denominator in the web of lies: print, print print. Debase currency.
The one and only answer: Gold.
Sell Yen, risk on, keep pushing SPX toward the top of its range, get it higher to cushion the fall on bad Irish news brewing ... rinse, repeat.
Either enjoy the show or participate, but don't waste energy getting angry. If you're angry, focus that on your politicians.
If "they" can do all this, they will take your gold if they have to.
bla bla bla
They can take your house, your chickens, and your fucking farm too. Maybe they'll take your kids, and everyone will just lie down like a bitch and endure it.
Listen, if it comes to the gov trying to take things like this, leave the country. Just get on a plane or something and exit stage left. You have no business waiting around to see if they'll take your organs next.
Costa Rica, bitchez!
Keep for posterity:
http://www.lewrockwell.com/pr/american-expatriation-guide.html
Thanks Turd !
Why leave? You still have your first amendment rights, ZH is a case in point. And you still have your second amendment rights, to a degree.
Just reiterating that gold is not a panacea and that in essence, there is no place to hide.
It may turn out to be a fantastic hedge to currency woes but it is not untouchable.
DBH,
True, but they have to know where it is, to confiscate it.
Anyone here (IMHO) would never willingly give theirs up, not to a corrupt fascist,socialist state, that is burying it's people on purpose.
Would be totally different if we had a honest form of Gv't.
Not this semi Chavez shit, we are recieving.
BTW, Have you got your "GOOD LIFE CARD" yet?.
Just look at Chavez Country since he took over...........appalling.
Intervention = free money to forex traders.
so why is US buck getting hit with all this impending currency risk?
It's called Lack of Confidence.
I would not trade on this. We all know BoJ is comepletely helpless and there is nothing more they can do other than talk.
I suspect this is a rumor spread by the banks intended to push (stock) prices higher for them to dump. If you are smart and quick, maybe you can ride along. Be careful.
Damn right. They're in trouble now, and remember... winter's gonna be there in a flash. Just wait 'til they are forced to choose between heating their homes right then, and maybe losing their homes to default months down the road. They'll choose heat, and let the mortgage slide.
Nice article thanks.
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