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Bank Of China Denies Default
Either things in China are now very serious (and Jean-Claude Juncker has been hired as chief propaganda officer), or the BOC hired Erin Callan as CFO. Either way, for now at least, the Bank of China "is fine":
Then again, looking back in history, the instances when banks volunteered to being in default are... er... uhm.... not many.
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hehehehe............as a friend of mine once said in a very high position in the ponzi......"but of course"
...it all always ends with gold... hehehehehe.
Options expiry is on the 26th people, so grab the popcorn, light the blue touch paper and stand well back...
July could get exciting...
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/20_Stunning_Volume_On_Gold_%26_Silver_Smash_In_Suspect_Trading.html
It is no different than when we were on a gold standard and banks issued more paper than gold backing. This is a bank run on physical gold that started after Cyprus. Paper promises to deliver with counter party risk are not as valuable as real gold. If it is in the system, you are likely to never see it. Remember, there is no evidence that JPM ever delivered on last month's gold contracts. So what is going on at the COMEX behind the scenes is probably not a good thing. One class of investor will be allowed to default and the rest will be forced to deliver.
Ooopsie! Central planning proving its worth here.
STR. Sell the rips and there will be many...maybe to new highs. I see a bull trap in here down the road
Watch the dia spy pair for clues
The defenders of the 50 day have their work cut out for themselves today.
Me thinks they gets crushed by extremely obeses black swan crap smashing on their heads.
When it gets serious you have to lie.
that implies saying truth before
no, just that the lying is voluntary before that point
old bernak principle: if you want prosperity, prepare for pomo
new obi principle: if you want properity through peace, prepare for war
very old roman principle: war is a good thingy, if you want peace, fabricate and levant it for moar of a 'bread and circus' ir[i]s tax collection
very, very old indian principle: never smoke peace pipe with Us, for prosperity is a malignant crack`pipe of genocidal warp'd carcinogens Ps. this last principle is all that's left of indigenous american indian written upon the mojave desert scrolls
And so it begins...
Step 1 : Deny that crap.
Step 2 : Deny that crap.
Step 3 : Deny that crap.
Step 4: Deny that crap and go on TV with cramer right before it collapses to deny it again.
Followed by a crushing appearance on the Daily Show.
http://www.youtube.com/watch?v=xt-fb7IQ4Ko
Denial is a Yellow River.
Filled with thousands of dead pig carcasses.
and aborted girl foetuses, right AnAnon? Center of the heavens my ass!
Denial is a yellow vitamin-fortified river flowing onto the car-door-handle of sensibility.
When step 1,2, and 3 don't work you move on to step 4....go on tv and deny that crap in a forceful manner.
I see our lone junker is up this morning.
Heh heh........wazzup Amigo?
He's long chairsatan bubbles.
I love my serial junker.
I'm living the dream my friend..... Living the dream.
Here Junkie, Junkie, Junkie....over here boy.....
Step 4 : ???
Step 5: Baffle them with financial mumbo jumbo and acronym laden "solutions"
Step 6: make profit
Step 7 inches more forward onto that trapdoor in the floor.
Step 8 RELEASE THE KRAKEN !!!
Deny what crap? Fixed it
Step six - have Obama say its true - then no one will believe it...
I thought Step 1 was cut a hole in the box.
Step 1.5 : Do some blow.
Hehehe denial is not a river in Egypt baby, it's the sign of a problem.
Get to work, Kevin Henry!!! We're gonna need a lot of blow to get the Dow green today.
A quick denial, smells like panic to me.
China? I thought de nile was in Egypt.
Sorry : - p
No egg roll for you! For year!
The Black Swan has just arrived and crapped on the Bernankes bald head!
http://www.marketwatch.com/investing/bond/10_year
How you say, "Bush's Fault", in Chinese?
the world runs on denial baby
All the banks are default. They operate on a fractional reserve! With probably 0% reserves!
Should be a nasty mkt day today.. nasty.
there is a POMO today isn't there?
Yes. The operations we know of are here;
http://www.newyorkfed.org/markets/tot_operation_schedule.html
"We know of" :-)
It's been canceled due to sequestration.
Yes. I've noticed how things started to go from being Bush's fault to being Sequestration's fault. When the TPTB finally figure out the horse they're beating is dead, then they find a new dead horse to beat.
That's what everyone was saying from within before Pound Sterling got devaluated :-)
"There is no problem with the pound!"
"There will be no devaluation!"
.....truth always gets out....the more you compress it, the louder it speaks when it bursts.
We're within a couple of days of a major peak on the siderograph, which tends to mark change, rather than direction. It's rarely such a clear chart as this one; I'm wondering if this is Lehman moment mark 2, except this time the central banks have already bailed the world out to tens of trillions.
Nah. The VIX is at 16 and declining. What could possibly go wrong?
gold bitchez?
China, you should stick to your words of no injection to fund your repo market and make sure it be so.
Let the market crash begins.
"denies default" - bwahahaha!!! Hm, a country denying reality. What else is new?
Cue,\ (or is that Q?) Mr Wu
http://www.youtube.com/watch?v=3w3X95uWv8A
"Cocksuckers, Sweargin'!"
Are you really just a shadow of the man that I once knew?
Are you crazy? Are you high?
The real owners in China and America have been on the same page for 40+ years folks. One goal is to make sure everyone works for chinese wages.
you hit a critical nerve.
Wal*art's dead then. Can't sell something for 1$ when you get paid less and have to eat to...
It's interesting that china is taking a big shit at the same time we're talking up tapering on this side of the pond...
Search free trade zones in the USA.
Coincidentally, they just happen to be in every state near internment camps. Gifted land to China which is not Sovereign American soil, meaning.. no trespassing.
<--- They aren't making anymore gold
<--- We are running out of gold
[don't vote if you think the both is true]
75,000 in gold. 25,000 in silver. 100,000 in cash.
What happens now ?
I'd dump the cash while you still can.
Oh dear, you lost out then by not buying palladium. ;)
Do not move now. Wait a little longer.
Get the boat ready ;-)
Buy steadily more metals. The prices may go much lower before they go much higher.
Buy with 5-10k per month, maybe. Maintain the silver-to-gold ratio.
US Dollar heading sharply higher as....wait for it.....the US Dollar becomes the investor safe haven for the masses...and gold falls another $90 - but has rebounded back to down $70 - whew - that was close - it was like gold was collapsing again.
http://bullandbearmash.com/chart/spot-us-dollar-climbs-almost-1-as-euro-...
USD, not gold, has always been the safe haven - as unpopular as this sounds.
That's because of the mental block people have about buying precious metals brought on by the propaganda machine... as unpopular as that sounds.
If its only real value is a perceived value, then your observation should scare the shit out of everyone... At the end of the day, the argument for gold is one purely of induction.
Yes it's true the almighty dollar is roaring. Ignore that noise in the backround.
http://usdebtclock.org/
It's because contracts are in dollars.
If I face a margin call and firesell something, I'll buy dollars to settle
I remember explaining to people when the USD was at 84 this was not true. Now it is at 82 and it it is still not true. The Dollar exchange rate is SET by central bankers, not the market. They are never going to let it strengthen. They want it weaker. The economy cannot handle the dollar above 80.
But do as you will.
One fall at a time ...
FX is the biggest market. One fall at a time to allow an orderly-ish adjustment to the newest fiatsco.
but....but....who's going to buy when Ben starts to sell?
Planet Zaton
Xena the warrior princess will be buying!
Just out of curiosity, I don't recall hearing anything about Taiwan since the whole financial crisis started, how are they doing? Do they have a central bank? If Cyprus and 300,000 population Iceland grab weeks of headlines, Taiwan ought to be mentioned if they were in trouble?
Taiwan goes down on the Chinese ledger. You know what that means, yes? Rhetorical question.
I trust Chinese accounting. I don't want them to send me to a re-education camp.
This has been coming for a while. Still, I'm sorry to see this. Trade accordingly. Math, not magic, and least of all political promises, Gone With The Wind.
Is Bank of China the new Bank of United States?
Maybe Jim Cramer can reassure the market that Bank of China is "fine", just like he did with Bear.
"It is not Official until it is denied".
"I swear. I did not have relations with that woman."