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Hard- And Soft-Currency Markets Gone Wild
The FX and precious metals markets are swinging wildly around this morning (amid no news) as US equities remain anchored to hope (and VWAP) ahead of the FOMC tomorrow. Copper is also sliding quickly but WTI is back above $98 as the USD gets back to unchanged on the week. Treasury yields spiked early but have reverted to unchanged now. Credit markets have done nothing but widen (worsen) from the open this morning - also ignoring equity's stability - but hedgers are active as VIX remains higher on the day.
Credit hedgers are out en masse...
Charts: Bloomberg
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one small smack after another.. every time one of FOMC sees the bathroom, some 100 contracts are shorted :-}
looks like the bullion banks got the memo from the fed to lease more gold out because it's going lower
PM's premiums down...unless metals are going down as well... Ben is the key tomorrow pm http://zysites.com/silververitas/
Get out there and buy or sell something, Dimon needs the $.
look at stocks continue to climb the wall of worry.......tapering, war, interest rates, blah blah blah.................dang that bernank is good..............................dow 16,000 by years end.....................
So long as the bread can be maintained. The debt-slaves cannot be sustained on circuses alone...
Been to walmart lately?
...only grocery store I know of that doesn't have groceries to sell.
It is mandatory that gold be knocked down $100 and silver $2-$3 in the two days prior to our chairsatan gracing us with his baldness.
"fear the beard." only this President thinks this guy should go. Petraeus is gone too so I guess "too much competency can be a good thing" in this world. As the Japanese say "nail that stands out gets hammered down." somehow that's become the American way now. Go figure.
The solution is simple then...we need to ban fed meetings.
what if the white -shoe-byz gang is preparing for a short squeeze in PM's?
http://zysites.com/silververitas/
DUST to 120......
Time to stack some more. And get a better boat
If you find real silver without a tungsten core at 22 bucks let us know. Two dealers in the last three days all of the silver shipped was phony and therefore no COD and promptly shipped back via FedEx.
Caveate Emptor.
I go local....and hard to fake junk silver if it comes to it.
"Swinging wildly" to an HFT bot perhaps, to me this is not even noise.
oh please. JPM is outa gold. they had little to no silver to begin with. the interesting thing is how greedy, insatiably greedy they are. they have manipulated the market to the max....closed 90% of their galactic-sized short, gutted the ETFs for the bullion, and now........they want the last drop.......to close the last 10% at the rock bottom.
let's be honest for godsakes. they are destroying the future of the country ....let's at least be honest here at the end as they sell the last of our gold and silver to china.
WHAT TIME? When does the Federal notice to Robot Traders come out today?
The same guys who predicted "gold to $1400" are now predicting "gold to $1000" and when it gets there they will call for "gold to $800" and when it gets there, "gold to $600" and so on down to zero. It's "automatic bearishness".
If one of them actually ever "predicted" "gold to $1000, followed by a substantial rise" or something...I'd die of shock.
Yes, they and the rest of the bullion banks, selling off the GLD holdings to take advantage of the spread between Comex and Shanghai - fucking traitors that they all are. Oh well, I'm sure this bond party will last forever - after all, everybody needs good collateral, right? And what could be better collateral than Treasuries right? Soo,,, we actually need MORE of them, SO WE NEED A BIGGER DEFICIT - it's for the good of the world after all. Fuck, I can't believe people can walk down that path and convince themselves that the argument is sound. Of course, I'm talking about a bunch of fucking criminals so I'm sure they don't believe it, just dump it on the fucking dumbed-down, uninterested public for their daily dose of fucking brainwashing.
Why would anyone invest in such an easily manipulated market where fundamentals don't matter at all.
greed and ignorance
its not invest...its gambling against a stacked deck...
Darn that deflation monster is scary....good timing for the fed meeting.
I agree. "the transition is already in place" post Chairsatan. interesting story on a coal mine being transferred to an Indian Nation in New Mexico. I imagine the same thing happening to say...a silver or gold mine...is rather remote. Lots of questions that need answering...soon to be answered actually. Does it really cost ten thousand bucks less to buy an American car in China?! Agriculture is going to have another banner year...yet prices are rolling over big time there as well. Education? All going on line now. And I see Siemens is bringIng back the "chip installed in people" monitoring device. At least no one is hiding it anymore. Hmmm. Good thing that network is secure.
I would like to write something clever here... but after the 1000th time of watching this happen I have run out of clever things to write...
All transitory...in microsecond terms. Sound and fury.
The real news was yesterday...when once again the "market" revealed itself to be a complete joke. Thank you, Ben Bernanke, for perverting the largest and most important markets on Earth. That is your legacy, sir.
Comex needs to die.
The bullion banks just need to finish off closing their short positions, and selling off all the GLD holdings to Asia. Then it won't have any purpose anymore and they'll shut it down.
FOMC...who gives a flying f--k???
With all the fraud going around, I have very little doubt that the FED is buying shares, if not directly, then at least indirectly via the banks.
This can go on indefinitely while the printing press is running. There is nothing to stop this, except a loss of confidence and a rejection of paper money.
Don't be surprised, this will go on, until it collapses with no warning.
In the mean take advantage of the depressed prices of gold. That is the ultimate prize.
We all know that, but some will deny it.
This is an opportunity for the banksters to rake physical gold into their coffers to hide the holes created by leasing and lending and general fraud.
If not, then why no audit?
They really must think we are complete idiots.
I doubt that the bankers can get physical any easier than any other party. If you want a few coins you can get them. If you have a need for tons of gold then go to the back of the line. I suspect the BIS is sorting out 'the right people' now as we begin the great gold market collapse of 2013.
Soon we will see if this paper gold market can survive. With no physical the answer will be 'hell no it can't survive'.
I was going to agree with you, that there needs to be at least a few oz in the vault, otherwise even the moronic and complicit financial media might catch on to the whole paper gold issue, but as I was typing it, I realized that this goes against everything I've ever seen from them.
Just saw the HOD for EUR/USD on the Bloomberg site has been kindly adjusted from 1,3399 to 1,3401 after a page refresh. (Was already after the pullback of course, the chart already showed the hockeystick.) Probably just the usual fraud with some options.
Tick tock motherfuckers...
http://www.marketwatch.com/investing/bond/10_year
Here & now is the next leg down for gold and silver. Silver to $18. SPY to new highs this month.
Is it any wonder Jim Sinclair has COVERED HIMSELF WITH DOGS for the duration ?!
That is my guess too. Silver to $18.
the gold bull ended on april 12th, Goldman Sachs is making a killing for its clients being short gold, and ZH never comments on that, just the losing trades GS makes.
That appears to be historically accurate ... any good reason for it when stocks and bonds continue to float on the ever-rising money wave?
Metals and bonds are telling us something entirely different than the "Wealth Effect Meter". Looks like the faucet might get stopped up a little tomorrow.
The stated policy goal is inflation. as prices fall do not be long debt. The value of gold might not be soaring vis a vis the US dollar...but there are many other assets that are deflating a lot more quickly than gold...let alone silver which was supposed to be heading to fifty bucks...but now is trying desperately to hold above 20.
Exter ,and JP Morgan had it right.
This is defation pure and simple and everything else,which is merely credit,will come into line.
If the biggest POMO day of the year could only raise the market 3/4% something serious is
going on behind the curtain.
I will be buying at 1350 and 18.
many peoples hate gold and sell it.. good
that shiny ancient thing has no value because we live in a different time, in the past gold is precious and the price keep climbing but now it just an ancient reminder of how barbarous we were before
I think they are ramping the f**k out of it,becuase when Benny starts testifying in his usual under pressure bleating, quivering voice,he will scare the shit out of the "believers" no matter what he says.So the higher they get it today,the less the drop will scare the BTFD zombies.
I would say I am sick of this. But I really don't give a fuck any more. Let it Go to Zero. Lets see what happens. When you no longer fear death (or all your gold price going to zero) you are truly Free.
I agree. This is a bit stupid. There really should be a law against dealing in gold, unless you physically possess it.
But even if there were, it would only apply to the suckers.
I buy my gold, and I appreciate every lower price, because it is not how you start, that determines you journey, but indeed how you finish. What is in between, ultimately, is of little lasting concern.
Lord Pip I think they sell the news too. But looking for a spike 1st.
While the spot price of gold is a lovely thing to see, I have yet to find a dealer that will sell near spot with 10% premium. There needs to be a chart of "real physical price".
5% an 3% respectively at my favorite local spot
There are hordes of Chinese and Indians 100,000's of them scrambling to sell their precious before it has no value.
You are kidding .... Right? There are 100,00 thousands of them lining up but they are buying the true wealth that the comex is giving away.
Comex only gives away paper...
Tomorrow, at $1,200/oz...
10% premium. Wow, that is high.
I think they take us down until the idiots foam at the mouth and make their statement tomorrow. Then stocks will reverse and so will we. Just a hunch.
Who exactly are these morons who want a currency printed in 17(?) countries, all of whom are broke and worse than broke? By this time next year there shouldn't be a Euro. Hell by this time last year everyone in the southern Euro countries proved that they don't even have half a brain but at some point even the horribly brainwashed European will have to wake up to their starvation.
And these same idiots are selling gold apparently. The world really peopled by two groups. Psychopaths (leaders of governments, big business, and banks) and idiot sheep blind to their own doom.
dont have money and hold many goldbars which you buy at high price ?
"By this time next year there shouldn't be a Euro" - mmmh... I vaguely remember that I heard this before...
care to explain why? 'cause the southern europeans think they'd be better off with their own currencies? in this environment full of wannabees Soroses powered by unlimited leverage by megabanks? in markets where everybody and his grandmother believes in going long in something and short in something else... and does not know what to short? (or shorts the EUR and then complains on ZH's commentary space)
btw, you need to have gold, before you can "be an idiot and sell it", on the physical plane. care to explain why southern europeans have so much gold to begin with (way more than Brits or Americans) that they are selling some? (they are nearly as much "hoarders" as Turks)
wake me up when Greeks aren't anymore some 60%-70% in favour of keep using the EUR. as far as I know, even British bookies don't take any bets on an EUR demise anymore
Seems to be working a whole lot better for iceland. They were able to say no to the bankers, rid themselves of the idiots and criminals. Now tell me about Greece. At some point you and all your pals are going to push the sheep over a line. Then there will be a bull market in pitch forks and guillotines.
Nope, 1,321 and no lower at the close. Could drop to 1290 or so during the day, if you have any cash left get ready. Or would you rather own Tesla? lol
Copper taking another hit the last couple days.
I'm currently looking at comparisons between copper and the last 4 intermediate declines in the stock market. And copper topped and rolled over within 3 weeks of each stock market top.
July 7, 2011: S&P 500 topped at 1356 -- Copper topped about 2 weeks later
Oct 27, 2011: S&P 500 topped at 1292 -- Copper topped less than a week prior
Apr 2, 2012: S&P 500 topped at 1422 -- Copper topped(and was flat) the last week of Feb to mid-March(roughly 3 weeks prior to S&P top)
Sep 14, 2012: S&P 500 topped at 1474 -- Copper topped a week earlier
--
So where are we now?
Copper topped the last week of January 2013 and is now down roughly 17%(at almost a 2 year low)
While the S&P 500 is now UP almost 10% since the last week of January(now almost 5 MONTHS after copper topped)
Nah... no disconnect going on. I'm sure it's all fine, and everything will turn out well. /sarc off
Great analysis. Difference today being $85 billion / month in excess liquidity...
You of course are correct. However, if the Fed prints forever, do stocks go up forever with no 10%+ declines?
Even Weimar had a couple 10+% declines here and there in 1921-23(sprinkled amongst the multiple 100+ fold moves).
Gold about to break down here....? Looks pretty hairy here from a technical point of view.
http://nipponmarketblog.wordpress.com/
Bring it, let 'em take 'er under 1,000 an ounce. Last chance to buy at that price before kaboom. Physical demand will be off the fucking charts...
Nippon, I think they do take out those stops ... because they can and here we are.
Utmost cruelty for paper traders. Jim 'Three Dog Night' Sinclair is fielding 100's of angry e-mails and his CIGAs are selling & buying NFLX and FB.
Yes, but the markets are up 1%.
In the last 11 trading hours, there have been 3 down hours on the Dow and the Dow has moved up 250 points - in 11 hours.
And it's a slow/low POMO day - go figure.