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Gold, Bonds, And Stocks Soar As Bernanke Promises Moar
The punchline (as far as markets are concerned) of Bernanke's Q&A appears to be: Inflation and jobs signal more Fed stimulus needed and that Tapering does not end stimulus. In other words - highly accomodative policy needed for foreseeable future:
- BERNANKE: 'TOO EARLY' TO SAY U.S. 'WEATHERED FISCAL' RESTRAINT
- BERNANKE SAYS INFLATION, JOBS SIGNAL MORE FED STIMULUS NEEDED
So on one hand Bernanke admitted he had to pop the HY bubble with the Hilsenrath leaks a few weeks ago (talk the market down), but is happy to take the equity gains in hopes they will trickle down to wealth effect, inflation and employment even if credit is spooked (and the bond market technically corrupted).
Bernanke admits the bond market is broken:
Bernanke on collateral shortage: "There may be some pressure on the supply of safe assets"
However, per Ben, it is only a "little" broken: according to Bernanke he does not remove collateral from the market via monetization because the Reserves he creates are a form of High Quality Collateral, as the TBAC inferred in this refunding slide. However, as the TBAC also explained with the following two slides (here and here) this private to public collateral transformation is not working out quite as expected. That, however, is irrelevant to Ben, who is always ready to do more oblivious of the effects.
- BERNANKE SAYS FALLING INFLATION CAN BE BAD FOR AN ECONOMY
- BERNANKE SAYS `OVERALL THRUST' OF POLICY HIGHLY ACCOMMODATIVE
So keep buying - they'll always be a greater fool (The Fed) to sell to, no matter how much we destroy the markets.
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A lot of shorts may get on the wrong side of the PM trade tonight.
And COMEX registered inventories continue to decline
http://seekingalpha.com/article/1537442-comex-registered-gold-inventories-have-never-been-lower
Dropped another 150k tonight - uh oh gold shorts!
bernanke seems nervous when he explains things and i can't understand him, the fed needs to hire peter schiff for q&a from this point further
Peter Schiff would just mock Bernanke and point out his lies.
which would be ideal
S&P up is bearish no matter which way you look at it, even with the chart turned upside down. Short this rally.
Bernanke didn't promise moar! He clearly told the world that the FOMC will taper and that it will remain dovis with other policy tools, like low interest rates. Those who stay in bonds ane being suicidal with their capital. He even told the audience, what would happen if I didn't tell the markets that we WILL TAPER? The consequences will be a lot worse later on, with people increasing their leverage, etc. He was darn clear during the question and answer section.
Basically QE is a car with the pedal to the metal with its brake pads worn out with a cliff approaching in 100 yards. They can't slow down, or stop, the market would crash.
Just like Japan, when they run out of bonds to buy they will just start buying something else.
People are dumping physical silver all over the world! I was handed a 1944 D nickel today in change.
See, everybody everywhere agrees with the Bernak... at 10 a.m., not at 11 a.m., yes they do at 11:45 a.m., no they don't at 1:00, oh, yes they do at 2:00.
So anyhow, I look up the melt value and it's $2.
Booyah!
This is like a Bugs Bunny cartoon!
And that tells ya that markets are not efficient, are confused, screwed, blued and tattooed when they hang on prospects for taper which hang on data which hang on oh no they don't oh yes they dos, then they ain't for investing in, no more.
This is absurd....
Glad I took a nap instead of listening to but aroma and co....
BIflation will continue to eat away at the global and US economy
Can you please practically differentiate bi-flation from cost-push inflation?
"Monetarist economists such as Milton Friedman argue against the concept of cost-push inflation because increases in the cost of goods and services do not lead to inflation without the government and its central bankcooperating in increasing the money supply. The argument is that if the money supply is constant, increases in the cost of a good or service will decrease the money available for other goods and services, and therefore the price of some those goods will fall and offset the rise in price of those goods whose prices have increased. One consequence of this is that monetarist economists do not believe that the rise in the cost of oil was a direct cause of the inflation of the 1970s. They argue that although the price of oil went back down in the 1980s, there was no corresponding deflation."
There you have it from Milton Friedman directly from Wikipedia.org. /sarcasm.
Everywhere i spend money regularly checks their till at this point, seriously, i check the change, if it isn't silver it goes in the leave a penny tray(yes i primarily buy booze), at the worst then maybe some home bum or pensioner gets a free candy bar, whatever, nothing i can really do about anything so Meh.
What are you rich? I check for silver everytime now as well and I have not gotten one in about 2 years.
For real, no. just stupid.
I like that "the world is just a stage, and every man a player" line..
Rich depends, I'm rich in comparison to the drunks that sit on my stoop when I'm not there..
But yeah, single male, marginally employed, no friends, no women, no pets.. So yeah.
I wouldn't call myself rich, by mosts standards.
I just barely care at this point, as long as i have a place to live, and my bills aren't past due..
You irritate me...not sure why...But you do nonetheless
He plays his part, to me it seems most often he's beyond the stage of caring to give rational analysis, every once in a while he lays it down though, i can see why it could annoy one though.
You actually typing that annoys me. And I'm absolutely sure why.
Not "would," WILL later this evening in a YouTube video.
And Peter Schiff would be right as usual.
Bernanke must love bitcoin too as it's up over 9% so far today.
....after dipping to $70 from $120 in the past week.!
Sure? I see it up on the week. Last time I see $120 was over a month ago.
Trading View has BTC/USD live chart:
https://www.tradingview.com/e/MtrghAlr/
And Peter will do that in his next video!
Don't US bond holder know by now that there is no way out. Oh right the FED holds all the bonds... Surely they must know... WINK
Oh, and when exactly comes that runaway inflation?
most likely it will come from food-stamps
double post
Huge rally coming in Asia and Europe overnight. Tapering talk was all bullshit. It's all Bullshit!!!!
http://www.youtube.com/watch?v=SZgoTtIZl58
'Tapering', or the threat of, is just the latest gimmick the fed uses to defend the US dollar. The central bank has been continuously printing since 2008. The printing had to continue to keep rates down. So they jawbone a new theme each year in an effort to give the appearance that they will not let the exchange value of the Dollar plunge against bullion or national currencies through slowing their purchases and eventually selling their 'assets'. But I ask, how long can the fed continue to 'fake' the market? Once the fed's taper tantrum fades away (similar to QE3 or not to QE3) it will again be back to printing as usual. Perhaps the fed fears showing the world what would really happen if they stopped monetizing the debts? Maybe 'faking' the market is all they got up their sleeve right now. Fortunately? we currently have a fake market that responds well to nonsense.
Now that is an interesting perspective...
It's all jawboning...
Knuckies likes it....
And they sure a shell ain't even doing a very good job of it at that, either, are they.
yep and nothing like tiptoeing through november ES resistence to prove a point /s
Fuck the Gold shorts, I hope the cunts die.
Don't need to sign up to a list to buy physical silver, most of us do that anyways.....
been doing this for over 3 years .......nothing but pain
godo gawd I hate bernanke
I didn't hear him say anything about asset purchases.
I didn't either. It didn't even seem implied either. Or maybe now it's just a given?
you're on the right track, sometime ago didn't the fed say "monetary policy" and "QE" are not the same?
Yeah, sort of like an extension to the FAS ruling removing mark to market. They talked about it in some round about way to express that the debt was tied to the real estate market so they adopted a policy of buy any trash offered, with someone else's money/time/lint of course.
And I'm so relieved to know that they are not monetizing the debt. He did promise you know.
He said, and I quote: "I don't think our asset purchases are affecting the market."
There was audible laughter from the audience when he said it. I kid you not.
He might as well have been in China, like Geithner:
Geithner tells China its dollar assets are safe....
Then they laughed at the clown.
Crisis averted...For now.
Bernanke has saved us all! He truly is the Douche ex Machina.
Apocalypse Later...
(But it will be worth the wait cuz it's going to be EPIC!!...)
Release the silver Kraken!
Speaking of gold, today's CME stocks report was entertaining -- joining the last few days of craziness.
More than half (54% actually) of Brink's registered gold went out the door yesterday. Brink's total holdings dropped 38% overnight.
Total CME registered dropped below 1M ounces, I think that's a new record low for this cycle as well.
Not only are the withdrawls unsustainable, they're accelerating. Things are about to get exciting for our enemies at CME.
Annnnnnnnnnnnnnd, it's GONE!
Those fires in the distance. Those would be the ETF/ETN's burning.
"Things are about to get exciting for our enemies at CME."
The CME cannot outlast our patience, nor their own collateral shortfall. It will happen. And it will be a great and necessary day...
QE to infinity, right on track
It's QE until there is a currency crisis.
$17 trillion National debt is closing in.
Market needs to collapse before next FOMC to blackmail Ben to maintain stimulus. Do not get too bullish.
Nah, dollar just needs to rise and it has.
85 billion soon to be 100 billion as the 'basket of currencies' furiously prints.
As ZH said before, the flow of purchases is more important than stock. They will maintain and eventually increase QE.
The tricky part at this point is individual investors' exit strategy, not the FED's.
It is a mathematical certainty.
We've drilled too deep, men! She's gonna blow! Run!
i think the market is going up another 1000 dow points.
easy. but I still can't bet that way. a shhame for me.
I don't see how you can't put some money in the stock market after that.
Well look at SPY after hours...tomorrow might be a 300 point day.
no thanks. when it pops next time, its Dow 800. In a heartbeat. Not for me any more.
Dow 0
S&P 0
he's not going to let it pop. that's the point. All he cares about is the stock market. If inflation goes crazy and he loses control of the bond market maybe, but Jesus this guy is saying that he will print forever at this point. It doesn't work with the economy but it sure works with the stock market.
They're the same thing now. The only thing we produce is gambling.
I swear by my life and my love of it that I will not help these people destroy the world.
It's already destroyed. Get some free money and buy gold or protect yourself in some other way. Look at it as an inflation hedge. I am not making the mistake i made the last three years, I am buying high quality stocks like PFE, GE, GOOG, WFC and just going with it. that speech was truly one of the most crazy things I have ever heard in my life but you have to protect yourself and ride the wave a little.
"I swear by my life and my love of it that I will never live for the sake of another man, nor ask another man to live for mine."
Who is John Galt?
www.journeytogaltsgulch.blogspot.com
You know what, this is the reason I buy physical GOLD. I don't give a shit what happens, it will make excellent trot line weights if things go against me. Fuck these lying and thieving Criminals!
After all the QE, there is NO INFLATION in either job creation or wage growth. If the treatment is to be continued, WHERE is the evidence that it is doing ANYTHING AT ALL????? Good heavens. Thank goodness he's not the kind of doctor that has to help people.
Don't worry next year they will call it stagflation
OT:
Documents Obtained by Judicial Watch Detail Role of Justice Department in Organizing and Funding Trayvon Martin Protests
http://www.judicialwatch.org/press-room/press-releases/documents-obtaine...
"If the facts do not fit, you must convict!"
"Rise, my flying monkeys, burn it down! Burn it all down, hahahahahahha!"
That's rayycisssst.
So is this guy.
Pass it on
http://www.youtube.com/watch?v=t2kKnzW4d8w&feature=youtube_gdata_player
This Kraut likes Brits like him.
perhaps, yet strangely true at the same time.
Has the poor man got Parkinson's, or does he need to fondle an AGE?
Folks, I think the 2nd American revolution is underway in earnest this July 4th.... let the cabalists hang
i hope he cleared this talk with Jamie and Blythe --- they should have just about emptied GLD and be ready to stiff the shorts....
but hard to tell and we know Ben would never do anything without Jamie's okay.
He seemed pretty calm cool and collected to me. He said the asset purchases do not affect the supply chain. He did not seem very concerned about collateral issues.
I think the shit show just goes on and on.
Yep. QE will go on forever. There are plenty of assets for him to buy. The deficits may get smaller temporarily , but over the long haul there are trillions of unfunded liabilities the federal government will have to issue debt for. There will never be a shortage of "safe assets".
http://www.youtube.com/watch?v=OPcod8IS214
Someone on ZH once said nothing will change until bullets start entering brains. I'm inclined to agree. That it hasn't happened yet, especially in light of everything that's been going on recently, leads me to think it may not ever happen. And if that's the case, this will go on forever — at least in some form — because people will have learned to love their chains.
Circa 1775, many Tories in the colonial states loved their chains as well.
Edit: Nothing goes on forever.
Pi goes on forever.
All I see around me are people who are at best apathetic or ignorant of what's going on around them and at worst supportive of the current system. I don't see people who can be swayed into trying to change anything.
In the end, Pi's friends in the Math Army will be what brings the system down. The laws of math can only be evaded for so long. So this may not actually go on forever, but I do think it could last longer than many of us can stomach or even imagine.
Agreed. We may be discussing the same issues 50 years from now thinking.."any day now".
The current era has already has gone on longer than I personally can stomach. A day does not go by that I am emotionally ill and phsycially upset. But I'm not giving up rational thinking and I'm not giving in to hopelessness. Yet.
but yea but it can go on for a few more years now. it's crazy bu.t true, in the meantime you can make some money
I believe that the majority of Americans don't want freedom, and they wouldn't know what to do with it if they had it. The majority of those that do want freedom are afraid of what it would really be like, and are suffering from some sort if Stockholm syndrome. There is a very small minority who really seek it and could function in a truly free society. This, in my view, will go on forever.
americans assume they have freedom.........they assume everything is fine...............when one spends a majority of time focusing on an digitally created alternate universe...they dont see the slow turn of the vice..........one does not know of anything else................
I cannot fathom why, although I agree.
Small govt, free-floating markets, only the most necessary regulations (10 commandments IMO).
I get Frustrated! Why cannot Americhans see the potential?
Must the rest of us withdraw our consent as much as possible?
At 60, I feel like I am in Communist East Germany.
Arrrrghh!!!
it would mean no tv or handheld equivalent . not possible anymore
"bullets start entering brains."
I don't know if you are implying it, or I guess the original posters implied it, but it never occurred to me before, but I did infer from your post that if the brain of you-know-who was splattered like JFK and Lincoln, and then their successor met the same fate, it would be on like donkey kong. I gotta think that over. Somebody has to have considered it no? Would that mark the first step of a really big change?
Don't ask me. I wouldn't and I wouldn't encourage anybody I know personally to do such a thing. But when wars are being fought, those who wield lots of power make valuable targets.
And we are at war, no?
There are many who have suffered from these actions, no?
What would be the implications?
spiking the ball on the 40 yard line...oh yeah...oh yeah.......
btw fonz, my guess is anytime the bernank even broaches an issue, hes concerned....."some supply issues of safe assets" translates into ALOT of supply issues....perhaps gold is this safe asset he speaks of????perhaps the backwardation is occurring because nobody has any other place to turn to for a "safe asset".....interesting to say the least...............
i mock my wifes addiction to telenovelas.....this is where the action is!!!!
That's what my father would call, "shitting in your hat and pulling it over your ears."
At least Bernanke looks true to his self now. The cosmic mystifier didn't have anyone here fooled.
Fuck you Bernanke you've lost your touch.
Reality is going to have to be externally imposed on us.
when the fuck will he end this shit?
i truly believe that this is going to go on forever ( at least our life times) . everytime the market drops 200 pts, they jump back in. they will not let this fall, its disgusting to watch.
we needed rick santelli in the Q&A because rick may have asked him some real questions.
why cant someone say straightout, hey ben, look at the stock market where the major indexes are, despite no growth, terrible jobs numbers, unemployment still at near record highs, are you not worried about a bubble?
They can't end it and they never will. The illusion must be maintained, but mathematics are against them. Once they try to "end it"...it's all over. Credit must expand forever or the ponzi is dead.
I agree entirely with your sentiment. However, do NOT look for any TV-face to ask real questions, aired and answered in real time. Anyone who might give it a shot will have their car exploded on the way to the Big Show. Clownshow all day, every day.
Bernanke is not going to call an end to the party. His plan is to sneak out quietly just before the police arrive.
And finally monsieur, a wafer-thin mint.....
NOSE-BLEED TERRITORY for All markets!!
you cant spell Gold $10,000 right around the bend, without B-E-N
WTF? Bernak tanks the DYX over a cent and oil laughs it off? Still stuck just above $106. Something not right there.
Whoever bought oil up there and ran the price up is now selling. GS or JP oil futures desks had advance notice. Ben gave them the background to sell into. Script like its 2008.
dxy strictly ignores oil, gold, copper, land, food, etc., merely references other fiats.
What makes no sense is assuming DXY & oil are correlated.
http://scharts.co/12TG2ZS
http://scharts.co/133dg9j
http://scharts.co/133dm0r
how much do asia and europe rally on this absolute bull shit overnight and tomm?
i say at least 2 percent across the board, and then the u.s will of course prob reach 15,700 on dow tomm and 1685 on s&p.
It's a currency war. Now it is the corporations are not making enough money due to high dollar and the bond market is going up. Sinclair is right, there will never be any end to QE until the bond market or some other event makes it happen. I'm taking the Farber approach, a little gold, a little stocks, a little real estate and a little cash. What else can you do. There's no way out.
I have said it here a hundred fucking times now. He is not going to stop printing. He is trapped, he cannot. ONLY when the bond market is in complete rebellion (and not yet), and he is FORCED to stop, only then will the fed stop. And they still will not admit failure. But that is when maybe, just maybe, the idiots in power will be forced to do something. And then we can start to raise this stinking ship from the depths of the abyss.
QE to Infinity until the Bond market says ENOUGH!. ANY QUESTIONS. GEESH, you guys drive me to roll my beads. :)
100% but you're forgetting that Fed is the bond market. The Fed will stop the music when the Fed wants to and can afford to.
walkure: That is the exact point. If they stop the music the market will crash. It will lose a thousand points in a week. It is not the earnings and wonderful growth keeping the market up...it is the loose cash all over the system looking for a home. You see, if he thinks we are OK and stops, it all goes to hell in a handbasket.
So the Fed will stop when the bond market says "No Moar" and ONLY when the bond market dictates. The bond market rules and it is much bigger than our Fed. The world wide bond market will call the shots. Look at Australia, they are moving close to a recession and their 10 year spiked just like ours. Watch the bond market. Worldwide.
How much of a bond market is there outside what the Fed, JCB and ECB are controlling? All are saying more or less direct that they will not stop the party. Australia and others are small fry. The others will follow suit and their CBs will start or continue QE just the same. 10 years from now DXY is where it's at today but your bread costs double
@monopoly...you are a bit naive to believe the idiots in power can do anything......................they are as trapped as the bernank....there is NO FIX EXCEPT TO TAKE A HIT ONE WAY OR ANOTHER.................no savior.....no miracle worker.......thats not how it works when things go south quick...those in power will only work to do something which will benefit themselves.....what do you propose monopoly?? balancing the budget??? when the gdp is barely treading water due to trillion dollar deficits each year????? should they lower taxes so that whatever paltry revenue is received is suddenly zapped away??? no monopoly.....history and mathematics both say you are naive........there is no fix coming.........
Ya, I hear those Kegel exercises are really important :D
(come on, I had to, you left that wide open)
forgive my short term memory problems....but recently hasnt most positive mkt reaction to bernank been reversed pretty quickly? yesterday and today were massive pomo days too. tomorrow is very light.
with earnings like aa and yum, the spx p/e is going to be 19 in about a week, and someone will say 'i'm going to lock these gains in by selling a little, just a little'
Yeah they don't plan on it working that way. Buy low p/e, let the earnings die while your stocks goes up or sideways. Sell at high p/e.
Those who bought the markets, believing in a turnaround in the economy, are getting rewarded for their ridiculous lack of ability. But they are being rewarded for taking risk... They were wrong and got paid for it. A lot of people were right and had to pay. Another day in the market.
obama gang. reward stupid irresponsible financial behavior . punish the prudent . punish the workers . they dont vote obama. period simple
MOAR..... Since when did the Bernank develop a N.Irish accent?
Goar! A golden Moar!
The salesmam imagines that his principal duty is to his immediate employers: in reality hi is an agent of the basic creditors. It is he who is finally responsible for the payment of compound interest upon debt.
When he falters, it is time for lenders to be frightened.
Load up your credit cards. Times is coming all will default and the lenders will be holding the bag.
Make $586 per hour using your FDIC insured Federal Reserve currency backed trading account using margin lending by SEC supervised institutions in the comfort of your own home. Listen to the worlds best economist, Ben Bernanke, dispense his wisdom on the recovery and how you can NEVER lose trading the market. For more information visit www.federalreserve.gov
Off topic, but maybe not....
OK:
http://www.youtube.com/watch?v=8fI8e9B3bmk&feature=youtube_gdata_player
Better:
http://www.youtube.com/watch?v=lq3xOGbF2Po&feature=youtube_gdata_player
Best:
Well, there is no best, except....the same four....here...
I have no connection, just inspired by 4 honest guys...which iis rare these days...
http://www.youtube.com/watch?v=MdbzAbnOpWM&feature=youtube_gdata_player
20Trillion here we come like a freight train heading down the wrong track!
It can't happen fast enough. Like 20 trillion pounds held up and the chains are breaking.
Is the speech archived anywhere yet?
Google FOMC minutes. Gets posted soon after.
Use izquick.com
Fuck gooogll
ixquick dot com.
The overall consensus is the Fed is trapped. They cannot curtail.
Bernanke, Yellen, Evans, Dudley, Fisher and Bullard all know there is no exit plan. There never was one. The Fed must continually buy treasuries because they cannot have a failed treasury auction. More and more printed money buying up everything.
It comes back to bite the Fed as they bid up stocks and housing without building up any thing to maintain the economy. At practically zero percent rates.
This guarantees Bernankes legacy as the worst Fed chairman ever. I wonder how long it will be before the US debt is downgraded yet again.
None of the US rating agencies will dare downgrade the US again. Eric the Placeholder will have his Just-Us goons knocking on any door of a rating agency in the US. Anyone attempting to downgrade the US credit rating will be hauled off to jail for a long time.
One of the big three will do it (not Moodys) and that's when the next big turn will begin especially if we stay on the same projections economically and with regard to job creation.
Our dear leader has yet to become a lame duck. Once Dear Leader is quack quack, they will not fear to downgrade.
Unless a scandal which the media chooses not to ignore catches fire. Then all bets off.
They used to call Clinton "slick Willie". And I was younger and believed it was due to some ability of his until I got a little wiser and saw that it was the portrayal of Dear Leader by the media, which was so obviously biased in favor of the pro communist foreigner whom we now refer to as Dear Leader, which was biased. Their portrayal of these recent scandals would be on every night if Romney or Paul had done this.
Lesson: the media controls the narrative. If they don't want to put it on the news, it doesn't go there. That's why the Internet is such a threat. But if , or when, they turn on Dear Leader, or when he starts to quack.....
or fired by theboss bufett
We all knew what the Fed would do. Who cares? What is China doing? They have liquidity issues everywhere. The glorious American consumer of Chinese made trinkets and stuff for their house hoarding is dead. Not coming back. China has nobody to sell to. The Chinese all but killed their domestic market with tightening.
wait, WAIT, I got it!!
Have all the excess inventory stored from Chinese warehouses to Nevada STORAGE LOCKERS!
When the items aren't reclaimed have extra special tours come in from China to start a new series of STORAGE WARS!
Moar Jobs moar TV moar trade moar toorism!
MOAR!!
epic WIN
The only Celestial stuff I have around here anymoar is from the US Citizen Chinese Takeout up the road a piece. They buy my eggs, and the entire family is Ron Paul supporters, hahhaha. The owner is moar libertarian than I am.
Bite My Crank, Chalky.
(On second thought, Bite Hitlery's Crank, Chalky)
"but is happy to take the equity gains in hopes they will trickle down to wealth effect, inflation and employment even if credit is spooked (and the bond market technically corrupted)."
When has trickle down ever worked for anybody but the Banks? This is nothing more than gobbledy gook to justify continuing the greatest transfer of wealth in history. No socialist country could pull this off so cleanly (if you do not consider the U.S. socialist). the only thing that has trickled down is job destruction, wage destruction, middle class destruction and the destruction of individual freedoms necessitated by the need to keep the cattle in the slaughter pen before they wake up. Which of course they won't due to the dumbing down of the educational system which of course will be subjected to more cuts because after all, who needs an educated populace when you are creating servants.
Before I stopped pissing in the wind I was posting the warning bells for a number of years. The warning bells have been sounded here since this site's inception to no avail. Stupid has become pandemic and those who are aware are not willing to become martyrs for sheeple.
There is a ray of hope. The system can not maintain it's own weight. Gravity still exists. At some point in time a major player will say, Fuck it, I have enough and when they do others will run for the hills. Who will be the last man holding? THe Fed? Then what? Total subservience to Kleptocrats!
We don't need a middle class.
We need BRAWNDO, it's got electrolytes!
+1000 Bravo Akarc, bravo.
well said.
I'm already homesteading in the ZH gulch.
(or, Tyler's Gulch?)
"If the figures do not fit, paper you must quit."
Keep Stackin Bitches!