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Was Bernanke Just Punk'd?
Odd, and very sharp, move in the DXY and the EUR/JPY. It appears that someone just bought a boatload of USD against the EUR/JPY. Yes, it is intraday, and yes, it doesn't mean jack unless at least someone else jumps on board. We will keep monitoring.
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Pomo bump?
gold is what got punked
http://www.kitco.com/charts/livegold.html
Edit: gold is a currency, and is the only currency that matters in a crisis, which we are in. During "normal" times when fiat fraudulent-reserve bank pirates are not excessively greedy and stupid, gold's role can be downplayed. Only when you finally accept that as fact do things actually make sense.
Big playa or ring of playas. Ain't China.
That's Ben cashing in his SDR.
Why would someone do that? please explain.
Potentially, this could be the beginning of a dollar short squeeze. It would have to be a fairly massive squeeze to be effective, though.
Missing_Link,
If we get a head-fake from the Fed on boosting interest rates from 0%, you're going to see people running for the exits on their carry trades.
Ben & Co. have done a really good job at reiterating that rates will stay low for a long time yet to come, but notice that they haven't explicitly stated that they'll remain at 0-25 bps. In the grand scope of things, an increase to 25 or 50 means very little economically, given that the ECB is still at 1.00%.
But, a jump to 50 bps leap frogs Bank of Canada (.25), Bank of Japan (.10), and the Swiss National Reserve (.25), while equalling the Bank of England. You may not see tremendous appreciation, but the currency traders will leave a well beaten path after the fact.
http://www.fxstreet.com/fundamental/interest-rates-table/
Somebody's paying the piper.
Is this thread getting confused with the reefer thread guest post?
Seriously, AMEN. I'm waiting to hear about a lot of that, real soon.
When will you realize that it's a puppet string market?
Dollar up = eur/aud/gbp/oil/gold/silver/wti/brent/miscellaneous down.
This market is a joke. It will take out dow 10,000 on good or bad fundamentals. The more I see, the more I know that this is playing out like every irrational stock move in the past.
The market has a NEED for confirmation with regards to bull and bear and will continue to push the trash up until the cockroaches come running from underneath to bring this whole joke down.
Same old action EVERY time. I don't even blame the investment banks. I blame investor stupidity for falling every time and chasing yield like junkies.
Is it possible Gold has decoupled from the bullshit? Yes it came down, but please, unless you bought in over the last couple of days, it is doing great.
I'm wondering if we could watch the dollar strenghten (for unwinding needs) AND see gold stay in this range, or even climb.
I expect it to MsCreant. There is a powerful feedback loop running right now that will be far harder to quash than it will be to twist the DXY.
Im hoping thats exactly what were seeing.
But ive been disapointed before...many times.
There's been a bid under gold apart from the dollar weakness.
http://www.kitco.com/kitco-gold-index.html#RT
When sovereigns are in a competitive devaluation, and even as their currencies are each unchanged relative to the others, you'd expect to see gold strengthen relative to those currencies. And that's exctly what's happening. There is a bid under gold for the moment. Has the IMF unloaded it's 400 tons by now? I'd bet some central bank bought it off them, but I don't have any confirmation. Anyone?
sorry , powers at be won't let gold sustain
+100
As much as people make fun of that statement, it makes all the sense in the world.
If you are the Fed and you have only one product to push (USD currency) and the only thing that can spook the hell out of your product is Gold, wouldn't you at least attempt to control Gold?
If so many people believe that the Fed (through it's minions GS, JPM etc) can manipulate so many other markets, what makes you think they wouldn't try to manipulate Gold?
A sane and reasonable person must ask him or herself these questions.
A better inquiry might be whether they can continue to manipulate gold with much efficacy after more than a decade of doing so.
See Rubin, Summers, Greenspan, and others' "strong dollar policy." Got gibson's paradox?
I fully agree with you.
But so many people can't get their minds over the first hurdle of direct Fed manipulation of Gold to even consider the second hurdle, whether the Fed can maintain the manipulation.
For the vast majority of the American public, if it isn't in the morning newspaper or on the evening news, it didn't happen and it's not true.
While more and more people are beginning to doubt the official propaganda and thus are experiencing cognitive dissonance now-a-days, when push comes to shove, they usually default back to their regular scheduled programming.
+ 100
Was able to buy TWO Jos A Banks suits and a pair of Cole Haans for $400 total. Gold is over priced. Ha
Those were JOSB suits, bro...not "good ones"...so..gold is about right by the suit measure.
Set and spike.
You are pissing away money on suits my friend. A sweat shop is a sweat shop. Your sheep didn't shit gold. You're paying for marketing and rent.
When we see $80 + moves in a few hours, then we'll know some shit is up, and the central banks are shooting blanks.
They can't stop it - they are all buying it while they try to kill it and talk others out of it. They wouldn't have let it run this far if they were in control anymore.
In this market the only ones who will be punk'd is probably the sellers of SPYs.
On another note, is anyone seeing the Dollar getting jacked downward relentlessly in what I see as a desperate attempt to keep the stock market afloat?
How low can you go? The spirits are about to speak.
God I love channelling cartoons from the 60's and 70's.
:>)
+1 :-)
Bernanke punked? is that even possible? he controls the press how can he be punked?
I am under the impression that the stock market is less sensitive to appreciation than to depreciation of the USD, and that many times the gang lets the dollar appreciate intraday to then depreciate it back... the net effect on the stock market being upwards... In any case, it seems to me that for the last 3 days the gang has being facing unprecedented resistance from the market... Although I keep my hopes low... I believe the gang will continue to prevail for the time being.
Bernanke be frontin'
Grayson is on the move:
http://unmaskthefed.com/
Looked a bit like intervention. There was a sharp spike into some stops that got kicked off as USD index was trying to break support, which it hasn't been able to do for some time now. The price action seemed a bit funky, although it seems late in the day to be doing anything.
If I'm bernanke, or anyone else who matters, I want a lower dollar but not one that is cascading through support/psychological levels...
This reminds me of the scene near the end of Trading Places where the two old farts Randolph and Mortimer were trying to save their fortune on the commodities exchange.
SELL, SELL, SELL!
Only in this case it's Ben and Hank screaming PRINT PRINT PRINT!!!
I am Chumbawamba.
LOL
I love that movie because so many scenes in it can be used as an example for so many things good and rotten in this world.
BTW you finally got a picture for your icon. Nice!!!!!!
Agree... nice picture for your icon... but not what I was expecting :-)
Means Chumba is an oath keeper... !
-Michael
True enough
-SAMC
I was hoping for the Anarchy album cover
http://en.wikipedia.org/wiki/Anarchy_%28Chumbawamba_album%29
LOL
Now THAT isn't something the average Joe sees too often.
Maybe it's the new wash, rinse and repeat cycle
Ben and the Boyz pump DXY
Ben and the Boyz buy gold on the cheap
Ben and the Boyz trash DXY
Ben and the Boyz sell gold
Wash, rinse, repeat
GOLD, BITCHES!
I am Chumbawamba.
What do you think of a silver breakout here? Spread between gold and silver junk is like 60x, many have said a close to 20x difference wouldn't be unreasonable. Also, I found you on one of my t-shirts, pics to follow.
AND SILVER, TOO, BITCHES!
Yes, I like silver. It's pretty and heavy, and it makes a beautiful ringing sound when struck.
It will also allow you to buy things like bread and toilet paper when the dollar collapses due to hyperinflation.
I'm long silver as an investment. Once silver is able to buy me a farm with much acreage, I'm cashing out.
I am Chumbawamba.
It's pretty and heavy, and it makes a beautiful ringing sound when struck.
Yeah. But, man, this is such a giveaway statement; you're hooked!
:)
is it possible the fed is buying gold?
you mean trying to buy back all the gold it has leant out and swapped with other CBs...maybe, but good luck to them.
Zero chance. Did you see Bukkake laugh when Ron Paul asked him if the Fed ever thinks about Gold. BB smirked, choked down a laugh, and said, "Only how much we're going to sell."
"Zero chance. Did you see Bukkake laugh when Ron Paul asked him if the Fed ever thinks about Gold. BB smirked, choked down a laugh, and said, "Only how much we're going to sell."
my immediate response would have been: "why wait? sell it all now through the usa mint. since it's worthless in your view, discount it and let the fools (as you see them) part with their money."
The Fed's bullshit argument about Gold being an ancient relic always rings hollow and brings to mind all those tons and tons of ancient relic the Fed supposedly owns. Now why would they own what they dismiss as useless?
Ben Baby says "Silly rabbit, Gold is for kids" as he leases out another 10 tons (through his stooge JPM) to depress the price of paper Gold.
I expect one more major take-down of Gold and then they lose control for good.
My worksheet shows that even if demand increases 300% annually for the next 4 years, the central banks can sell through 2013. It's then that they lose control for good. My guess is they'll make private ownership illegal (worldwide) once they're sold out.
That depends entirely on whether or not you believe they actually hold what they say they hold. Since they're demonstrably lying about everything else....
While I agree they lie about everything they can; the reserve numbers have been published since 1845. I suspect the numbers are fairly accurate. Sign up for www.gold.org (it's free); and you can download all kinds of xcel worksheets. It's fascinating how much information is public regarding gold.
Either way, it's only 4 - 10 years until the frolic begins in earnest.
I look at it from this point of view. They will manipulate until they can't. Once they lose control, they will do something else, such as get the puppy dogs in Congress to outlaw or whatever.
Until then, I'm of buyer of physical for long term and a buyer of paper for shorter term profits denominated in the currency of the realm. I'm going to do what I can do because waiting around for justice to prevail is a fools errand.
There is no such thing as justice for the wage slave. You either get over that unpleasant fact and takes measures to protect yourself from the criminals or you simply pull down your pants, bend over and wait your turn.
Fast forward to 4:52
http://www.youtube.com/watch?v=rOxWp1VBuJo
He couldn't control the telling eye twitch when he answered that one.
Seems like a lot of talk out of the Fed regionals about banks needing more capital. Phrases like "worldwide standards" and the like will be thrown around like candy; why can't anyone from the Fed/Banks say the word Basel publicly? Must not have tested well in focus groups...
Dude, Tyler, the only way this country will ever be free is if we, the Americans, are the legal shareholders of over 50% of the stock certificates of the Federal Reserve.
Those certificates have another name... The U.S. Dollar.
I say we gain a controlling partnership in our future. The more they make, the more we buy. But the best way to buy it all is to become the major creditor of our own country.
More to come.
buy sugar, coffee, and soy oil. but definitely sugar
Why is the assumption exclusive to purchase?
What if selling suddenly dried up?
Yes, I am joking.
DXY peaked at 14:05, and it looks like someone bought 275.3k shares of GLD at 14:10. Anyone have access to the buyer?
I'd prefer to know the party participants of the 3.17 million trade at 11:37 am ET....;>)
http://quote.prophet.net/JCPrintChart?href=http://pquote03.prophet.net/T...
Youre kidding right? The total volume on the min chart is ~273K for 2:10 today. Where do you get theres a single buyer in for 275k?
My fault - too many things going at once
Can be that ? I think the amount was too small to create that move.
LIMA (Dow Jones)--The Central Reserve Bank of Peru intervened Tuesday in the foreign exchange market to buy $73 million.
With the intervention, the sol ended unchanged at PEN2.858 per U.S. dollar.
The central bank says that it intervenes in order to smooth out volatility
nah, Bublenanke keeps on blowing
$BANK is tearing upward. The squid will no go down without a fight.
EMERGENCY FED RATE HIKE TOMORROW??? HAHAHAHA
it doesn't matter, don't you guys get it??? You hate the Fed but make them stronger. The more they make, the more you complain, so the more you send our dollar overseas making them weak because they aren't strong so you send more overseas and make it weaker again.
KEEP YOUR DOLLARS IN OUR COUNTRY TO MAKE IT STRONG.
Think about it people! THINK!
I don't understand. You're just kidding right? You really can't be serious... but this is like the third time you've said the same thing just in this one thread.
You know, I'm not the brightest bulb in the lamp but, I worked damn hard for my $1USD. I am pretty pissed of that a bunch of rich elitists who have offshore accounts in a basket of currency are taking my hard earned $1USD and turning it into change. I didn't vote fo change & don't want no change, only whole dollars will do. The rats are the first ones off a sinking ship, just call me Minnie. So piss on them, I'm buying guns, gold, ammo & liquor. Ya'll come have a drunk party & riot with me when the SHTF.
See ya!
You have to understand, the Banks don't think you're stupid, they claim to know you're stupid. Stupid is as stupid does.
If you continually give your money away to someone else, you can never stop the Fed.
Do not send your money overseas, you're doing their job for them, who cares about SDR's? That's to scare you into sending more of your money to someone else and when that dollar doesn't become a dollar but a piece of some other countries wealth, you make our money weak.
THINK PEOPLE!
"Houston.....we have separation."
Gold "up", equity markets "down"
Wonder who pushed the ignition button at 11:37am?
http://quote.prophet.net/JCPrintChart?href=http://pquote03.prophet.net/TemporaryFiles/JavaCharts/31.1255462594753.print.gif
Now that would be sweet... a win-win for me...
Banana Ben pumps up the HAL9000 and wins the day!
Dollar will pop up with US 3rd quarter GDP over 4-5%. Of course it's just government spending but stocks will react down. Get used to zombie banks and zero real growth in revenues and earnings.
You know that Bank of Japan has a Fed Rate tonight.....could be the reason if I had to guess...and you know toyota has not been so happy with that strong Yen, hurts export biz.
The FED is trying to thread the needle between a currency crisis(gold up,commodities up, equities up) and higher interest rates(which is a revisiting of a meltdown.)
At some point they will create one of the above because they are not as skilled as they think they are.
this is another small maneuver of a controlled landing into an active volcano.
Send Bernanke to jail, same cell as Paulson, Summers and Geithner, then they can all enjoy watching each other being "punk'd".
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
The end is here.... oh, no, not this time.
you get the point.
The person who got punk'd was the trader who used a market order to buy the DXY right after this trade printed.
http://cache.kotaku.com/assets/resources/2006/08/ashtonpunked-thumb.jpg
BTW, anyone else think that his marriage to Demi Moore is nothing more than a Rock Hudson cover up?
re: Krutcher - totally. Very Travolta/Cruise of him, don't ya' think?
All this was was an attempt to push gold lower to avoid it being 1:1 with the S&P 500. Serious consequences arise if Gold becomes a better investment than equities at this point, and BB knows this.
where there is smoke there may be fire.
Say - kinda off topic (topic being the artificial propping of the $US, not what Kutcher does with his gonads) - but kinda not off topic,
does anyone know what became of the 'Plunge Protection Team'? It was all busy in the lead up to the crash last year, haven't heard much since - did it get Bailout funds? Has it diversified into hobbling gold's rise? is it actually still around at all?
Seems more likely to be asian central banks trying to stop their currency appreciating too much. I suspect they will run out of fire power and it might be worth watching the asian shipping indexes to see if there is a downturn. In my opinion this places certain asian economies at a disadvantage to china which has much more firepower to manipulate its currency. It will be interesting to see if China leans towards helping its asian neighbours or the US. My take would be that china might allow some appreciation in its currency while selling asian currencies.