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PMs Surge As Stocks Slumber On Dow's Lowest Range In 16 Months
Following Friday's exuberance, US equity markets traded in an extraordinarily narrow range today (Dow's 41 points is lowest in 16 months) as S&P futures had the lowest non-holiday volume day of the year - despite plethora of Fed talking heads. Treasuries were no less un-vibrant with a 2bp range ending with the short-end very modestly higher in yield and long-end -1bps. The USD closed lower with its only sizable move driven by Bullard's dovish comments on inflation credibility; most notably US equities ignored JPY crosses efforts to ignite momentum. VIX was smashed lower at the close (back to inverted). The big movers on the day were in commodity-land. WTI dipped but Brent was slammed as the spread dropped notably to 6-week lows. Gold (and even more so Silver) were the big winners (relatively speaking) ending the day +1 and +2.2% respectively. Oh and TWTR went bull retard...
The Dow saw its smallest intraday range in 16 months...
Silver jumped over 2% on the day and gold lifted over $1240...
The crude complex was busy with WTI trading down but Brent hammered - narrowing the spread to $11.70
no matter how hard they tried - EURJPY coul dnot bring stocks higher this afternoon...
as FX markets were dominated by German macro data and the Bullard comments this afternoon...
And again - for clarity from the NFP print... some context
Charts: Bloomberg
Bonus Chart: TWTR... lol
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HAa.. well Greenspan really hit the timing right on Bitcoin.. http://hedge.ly/18iZ3rI .. not so much his thoughts on QE.
So, if gold and silver rise, will the Bitcoin haters stop hating?
Yeah, that's just a rhetorical question - the haters already have their emotions invested. Once that happens, very few have the guts to reverse course.
How are JPM, HSBC & Nova Scotia doing lately with their gold holdings ?
As I mentioned on another thread, I just paid for some gold with Bitcoin. Either I get it as they promise, or the Bearing becomes the laughingstock of the week here at Zero Hedge.
I will let you all know the truth.
PM's 'Surge', do they?
C'mon, Tyler(s), this isn't KWN.... is it?
Wake us up when Au is back above $1650 and AG > $28. Until then, your 'surges' are meaningless.
This will be a 3 1/2 month surge, enjoy the ride Jim.
Rest easy, Mr. Bearing - Ms Yellen is becoming the permanent laughingstock of the week on ZH.
Why is it that anyone who is not enamored with bitcoin is considered a bitcoin hater? I find babbling idiots annoying, but I don't hate them...........yes I do.
He didn't say anything at all about people that are neutral on bitcoin. He didn't call them bitcoin haters.
Where are the BTC haters?
Many are dubious of the 'currency,' it's a new concept.
I am a big PM guy, but I think the crypto currencies have a future. Right now they seem too volatile. Give it a while.
Bitcoin haters will only stop hating once it's as widely accepted as payment as Visa and Mastercard, and the volatility settles below 0.1% per day. If that ever happens, though, it's doubtful that one BTC is worth less than $1 million.
A price of $1 million would give the currency a market cap of at least $12 trillion. Not exactly ridiculous compared to other currencies.
I don't hold any VISA debt when paying with my credit card. I spend, and at the end of the month I clear the balance at zero interest because I happen to be solvent.
Yet, for some awkward reason you think this is supposed to work differently with BTC. You think every person in the world who pays with BTC is supposed to hold them.
How many USDs do you hold? You probably pay most things with USD-denominated debt, yet I think you haven't held a single USD in your whole life (FRNs are something else, can you see the difference?).
Won't happen.
Someday hopefully the haters will realize PMs and BTC share the same goals and different means.
BTC back to $875 after the slamdown. It's been interesting looking at the largest transactions in the blockchain the past few days -- it just makes the slamdown event stand out that much more.
I'm sure it's just a matter of days or weeks before the next slamdowns -- for both gold and bitcoin -- happen again. TPTB do not want you to be free.
bonds...backed by gold...paying six percent. that's paper that's worth something. bitcoin? meh...as you long you call it money then i guess it's okay. don't call it payment though. "fraudelent conveyance" or "wire fraud" perhaps.
>> will the Bitcoin haters stop hating?
Putting a muzzle on phonestar so he doesn't hijack and dominate every thread on here would go a long way towards easing tensions.
its not that I hate invisible coins but much like the FED, I just dont trust them
Alot of stuff was "slammed", "hammered" and "blasted" today according to ZH, very dramatic stuff... might need new adjectives when the real thing happens...
Adjectives.......no. Expletives......yes.
Look at the NASDAQ, that went up nearly 1/2%.
DavidC
LOL^QE
Good one, Tyler.
.... And in other news, Putin just dissolved Russia's primary news agency, RIA Novosti, to be replaced with a purely pro-government (read: Pro-Putin) propoganda ministry.
You can almost hear Obama scribbling notes furiously as he learns from one far more adept than himself (and far less lazy), but sharing the same aspirations.
Vlad is jealous that Backdoor has a soviet-era press at his command.
"He is not even Russian! I must show him who can control the Press!!"
Miners didn't follow, so expect a big beat-down overnight, followed by the traditional 8:00am 'fuck, somebody take these 30000 contracts off my hands NOW!' non-manipulative dump at 8:00am tomorrow.
Read my mind and beat me to it Al...
Sadly most will be slaving away at declining real wage jobs or shopping for the latest centrifugal bumble-puppy, and will miss the chance to buy pm's or do any thing else productive...
maybe you look at the wrong miners.
i,ll bet you an elephant against a banana , no take down tomorrow.
The usd is being pummeled to boost q-4 overseas earnings, and GDP to narrow the deficite(fom that huge inventory build in the GDP print last week) when numbers roll out in January. Treasuries were back down over 1% in yield and the usd sold off again, yet the usd/jpy was still bid. What a farce these markets are. Oil closed down slightly as well.
OT: RockStar Resources will provide funding to Timberline (TLR)
http://www.bloomberg.com/article/2013-12-05/avUaEDKOrTaM.html
Anybody know these guys? It seems this company's purpose is to provide funding for gold mining projects. Some kind of replacement for the bullion banks' hedge-or-else arm twisting?
I had a peak at their website, it does look promising:
http://www.rockstarresources.net/Exploration-Projects-Mining-Projects-Co...
Yet another streaming co it seems
Streaming?
gosh, 2 percent!
is silver edible? im down to catfood. canary is next
Why don't you just buy some tech stocks and live off the capital gains? Thats what the FED wants you to do.
thats it twitter for diner and side of goog. don't forget the apple a day thingy...
how the. fuck did you get into this situation ?
you must of made some really bad choices.