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Gold Bid As USD, Bills, Bonds, And Stocks Dumped
The USD ends the day higher but tumbled all afternoon and despite the weakness in stocks, US Treasuries were also being sold (+3-4bps). T-Bills were smashed higher in yield (to recent highs) as reality set in that this farce could turn tragic very quickly. We warned yesterday that longer-dated protection was being bid aggressively and sure enough once again Dec VIX broke higher early today (even as stocks surged higher) but soon after Spot VIX began to surge too (ending the day inverted once again). Gold and Silver were well bid as the world seemed to turn its back on USD assets and gold ended +0.75% on the week (with the S&P -0.5% on the week). The Dow closed back below its 50- and 100-DMA.
Hhhmm, what did the protection buyers know?
T-Bills also seemed to know something too?
What a difference a week makes for T-Bills...
and the end of the day saw an exodus from USD assets...
Charts: Bloomberg
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Will the aglos be able to control the chutes and ladders of the market or are these gyrations the algos? The world may never know.
Did the Euro just have a last minute Viagra pill? FX ... manip .... aaaarggh, you know what it is.
I am out for the evening ...
Late September I sold most and have had cash sitting in my soon to be raided Fidelity account. May just have to withdarawal and buy phizz. It was considered play money with only about 5% of my worth in there, but I think it is time....we seem to be moving from the appetizer portion of our collective debt dinner into the main course.
I hear you, tomorrow morning I am making a visit to my local coin shop to buy some British Sovereigns.
it was really just play money. WMT was doing me well, but it has been countered by GDXj rape. Fuck paper.
Ditto. Me too.
It's beautiful...nice and tight trading range. Selfishly hope this goes on longer. Should I feel bad..?
if you don't own Gold then yes ... you should feel bad :)
just kidding.
Uh oh - looks as though the ten year is moving back up to 3%. Quick, cancel taper. Oh, already done. What next? More QE, slam gold, run for the hills, PANIC....!
Getting way harder to hold that inflating beach ball under water!
May I ask a really dumb question?
Is is possible or legal for anyone (members of congress) in the so-called Debt Limit negotiations to be currently shorting the market? I ask because I cant begin to imagine that could be remotely legal but at the same time I really suspect it to be true. And if it is true, I want a list of names.
Yes, it is legal for members of congress to act on insider information in the course of their dealings, without impunity. Moral? That's another question.
Edit: Apparently that changed (http://www.npr.org/blogs/itsallpolitics/2013/04/16/177496734/how-congres...). But still, disclosures are iffy.
The ruling class is above the laws they promulegate.
The laws of Gravity, and a short drop,not so much.
Ironicaly growing hemp for rope is legal again in some states.
It is legal, and many are trading on their information. Congress is exempt and apathy among the ignorant sheep is the problem. Hence the move to try and pass a 28th amendment;
http://www.petition2congress.com/3093/proposed-28th-amendment-to-united-...
Jeezus, man, don't ask questions like that...now you're on their list
No problem till November 1. If food stamps are cut, then the shit will hit the fan.
What republicans could do for the lulz would be to not open government/raise debt ceiling till November 1 at least... then on October 31, pass a bill to fund government including food stamps but without Obamacare... that would fuck the democrats over...
That would require balls.
Boner is a gelding rig.
This is nothing, it's just part of Kabuki - and a tiring one, too.
Gold bid?! It's just within normal algo-harmonics.
Darn it....and just when everyone doubled down on the BTFATH's!
LOL
And again some greedy gold bulls on board - just to get sold into another lower low.
And again some greedy Indices bears on board - just to get squeezed into another higher high.
ROFLMAO
Pretty incredible that gold could be slammed down this am and still be back up by the end of the day....could be some pretty frustrated manipulators sitting in front of a screen somewhere..........the constant slamming of and recovery by gold is a very clear testament, imho, to the resilience, depth and strength of the gold market. I can only guess where gold would be now if it had not been for the constant slam downs - $2K? We may still get there in the coming weeks/months........the miners made an end of day rally today which also speaks volumes to those listening............
Demaocrats vs. Republicans is nothing but a good cop/ bad cop routine.
The smart money runs the risk as long the rewards continue to return and no longer. Things are getting interesting but unless there is really an unexpected event expect things to continue as they are until the next election.
Prediction time: The budget will be passed in the 11th hour two days from now and gold will go to 1000. OR The USA will actually default and wipe out 1 trillion in debt. Do you feel lucky, do ya?
Haha, funny guy. Prediction time: it will either rain tomorrow. Or it may not. :P