BofA Blasts Sell Bonds, Sell Gold, Buy Dollars

Tyler Durden's picture

"After several weeks, Gold is setting up for a sell, US Treasuries are set to resume their bear trend, and the USD is set to resume its bull trend. Get ready..." is the ominous warning BofAML's Macneil Curry sets forth in his technical treatise this weekend. Despite the plethora reasons for rates to go lower for longer (and treacherous market conditions expected ahead) and the various fundamental and technical drivers of recent precious metals strength, Curry says it's time.


Via BofAML's Macneil Curry,

Over the course of the past several weeks, some of our core views and themes have fallen into short term corrective mode. Specifically, we are referring to our bearish US Treasury view and our bullish US $ view (most notably against €, CHF and many EMFX, as well as gold and silver). In the week ahead, we look for these trends to re-emerge and do so in a manner that should provide some excellent low risk, high reward trade setups. Beginning with US Treasuries, we likely look to sell 10yr notes into the 2.53%/2.49% zone for the Apr-04 highs at 2.82% and beyond. In FX, we will likely look to re-initiate €/$ shorts into the 1.3676/3735 zone for a resumption of its medium, potentially long term bear trend and in $/ZAR we will likely look to re-buy near the 50d (10.5357) for a resumption of its long term bull trend and new 2014 highs (now 11.3915). Finally, gold is fast approaching the 1334/72 topping zone from which we look for significant weakness to and through 2013 lows at 1180.

Chart of the week: US 10yr Treasury yields to resume higher

In our view, the bear trend is about to resume. Intra-day charts say the 2wk consolidation is in its final stages. We will likely look to sell one last push lower, ideally to 2.53%/2.49%, for a resumption of the larger bull trend to 2.82% & beyond. 

Get ready to sell EURUSD...

The choppy range of the past several weeks has been frustrating, but now evidence says the medium, if not long term bear trend is about to resume. We will likely look to go short on one last squeeze to 1.3676/1.3735 for a resumption of the larger downtrend to 1.3104 and below. NOTE: we may also look to buy $/CHF

...and buy USDZAR

The impulsive advance (seen clearly on intra-day charts) following the test and hold of the 50wk avg/3yr t/line (10.3867/10.3778) says that $/ZAR has resumed its l/term uptrend. We will look to re-enter longs into the 50d (10.5337) for new 2014 highs

Setting up for a sell in gold

In last week’s KrystalBull we wrote that “the medium term trend has turned higher” for gold but that “gold bulls should not get too enthusiastic. AT BEST, we think it can reach the 1334/1374 area (measured move and yearlong contracting range highs) before topping and substantial weakness”. The strength of last week’s move caught us off guard and says that the 1334/1374 topping zone could be reached much more quickly than anticipated. We will look to go short into this zone. As can be seen from the chart below, gold is close to resuming its almost 3yr downtrend after a year of consolidation, with targets seen for a test and break of the 2013 lows at 1180.


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Trade accordingly...

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Racer's picture

Curry says it's time..... to sell me your gold at bargain basement prices

Da Yooper's picture

I smell a Cramer moment


When they say sell ( which they will buy from me )


I buy

max2205's picture

And BoA still can't raise it's div above 0.01 per share..

Go fuck yourselves BOA

DoChenRollingBearing's picture

"Technical Trading" never worked for me, but a couple of guys swear by it.


+ 1 max2205

Go ahead, bash gold, and I'll buy some more when I feel like it.

BTC too!

Oracle 911's picture

Tylers, you forgot the Sunday humor tag.

Anyway if BofA says sell, it is time for buy and vice versa.


BTW I think Chinese will release a report which will say something like:

"Gold involved in commodity financed deals is not here."


EDIT: Afterwards somebody gets the not so much magical bullet in his/her head.

DoChenRollingBearing's picture



Anyone who likes Bitcoin will probably like this article I just finished reading, most excellent!  A lot of BTC have been sitting around for a long time "doing nothing".  Here is the first analysis I have seen, very interesting:

"Rise of the Zombie Bitcoins"

magnumpk's picture

Right on, the paper traders can sell it so I can keep buying physical at depressed prices. Works for me.

TVP's picture


Imagine those words, plus pictures of Moyniham, Blankfein, Dimon, etc. behind a giant middle finger. 

Now there's a postcard I'd purchase.






macholatte's picture


Via BofAML's Macneil Curry


Just 1 question:  what's that guy's track record over the past 3 years?

SoilMyselfRotten's picture

Another opinion to toss on the dung pile of bankster predictions

Lore's picture

Is this another case of "Do as I say, not as I do?" 

Chutzpah abounds.  Behold Kerry's balls of thermate: 

Kerry says U.S. wants Iraqis to find inclusive leadership (Yahoo, 22-Jun)

The United States is not engaged in picking or choosing or advocating for any one individual, or series of individuals, to assume the leadership of Iraq. That is up to the Iraqi people and we have made that clear since day one. It is up to the people of Iraq to choose their future leadership."

The United States of America was not responsible for what happened in Libya, and nor is it responsible for what is happening in Iraq today."

What is happening in Iraq is not happening because of the United States in terms of the current crisis.

SF beatnik's picture

To me, Saddam is looking pretty fucking good, right now.


Saddam Hussein, now more than ever.


Would that Kerry and 0 (that's a zero) had his balls.

Gringo Viejo's picture

Just another of those guys that would sell their mother for a buck. People like him are a dime a dozen.

Stuck on Zero's picture

memo to all BofA billionaire account managers: "Buy Bonds, Buy Gold, Sell Dollars."


SilverIsMoney's picture


-Civil War in Iraq - Check

-Civil War in Ukraine - Check

-Negative GDP Print in Q1 Post Taper - Check

-Gold Up Nearly 10% Since the Taper was Announced - Check

-Silver Fix Ending in August - Check

-BOE Losing over 700 Tons of Gold - Check

-Austria asking for an Audit of their Reserves - Check

-Belgium FRAUD Bond Buying - Check

-Russia Selling 20% of it's T-Bills for Gold - Check

-China setting up Free Trade Zones for PMs - Check

-GLD inventories have barely moved since 2014 started - Check

-Crude due to Surge on ME Crisis - Check


The case for gold and silver are so bullish to be downright ABSURD and yet the TBTF banks keep doing everything they can to shit on it like they have ALL YEAR and ALL YEAR they've been wrong. We are setting up for something massive here and all you have to do is pay attention to the garbage being spewed by these lying fucks to see it...

Bay of Pigs's picture

Exactly. And why does ZH publish this dogshit when we all know its not worthy of being posted here?

SilverIsMoney's picture

I strongly suspect they post it because they want us to recognize the propaganda... I certainly wouldn't have noticed the trend this year had they not been posting this garbage all year.


Then again it's hard to know the motives of people when we have NO IDEA who they are... be kind of nice for them to reveal themselves at some point... or at least some of them.

SilverIsMoney's picture

AND PLEASE DO NOT MISUNDERSTAND ME! I strongly suspect the POG and POS could crash before the end of June since these fucks ALWAYS paint the Quarter Months the way they want - what makes June even worse is it's the midpoint - notice we had our double bottom set in June and December last year.

The next 10 business days could be bearish simply because of the manipulation of the midyear charts as usual but the world is burning before us and there's no long term escape other than silver and gold. I strongly suspect we could see new all-time nominal highs by the end of the year.

Lore's picture

I don't think we are going to see the selloff.  Consider what happened last week.  Someone on the scene is a serious player.  You don't behave like unruly children when someone in the room has a big stick.

SilverIsMoney's picture

What makes you think that person or entity is not the same one manipulating the price downward? We had a record number of shorts get burned last week because of that buyer - so does it not stand to reason that buyer is now the same one going short while all the specs go long again?


I do not think there's a mystery buyer. I think it's just the banks flipping it the other way now. They're setting up a smash over the next 10 days imo. Barring of course, if war were declared... I really hope you're right but the banks have played this back and forth BS for over a year now just burning the specs all the way along.

TVP's picture

To recognize the propaganda, yes, and to get a good laugh, too.

When you are tuned into reality, it kind of makes you giggle about the fact that these assholes can actually assert such things and somehow maintain any sense of credibility whatsoever.  

PenguinMan's picture

Zero Hedge Publishes this propaganda as a record of criminal activity complicit in the banks, government and private sectors.

Criminal activity which will is being very carefully documented by independant channels.

When the crash comes, first order of business is to round these people up, have a nice trial and then decide punishment.

Once everyone sees these people for what they are, confidence can return to economic policy and prosperity can return for ALL PEOPLE of the Earth.


The Most Interesting Frog in the World's picture

How about we send them to Iraq for "efficient" ISIS "trial".

TVP's picture

As much as I agree, I'm not sure it's so simple.

Occupy Wall Street showed me how easily some sheeple can be programmed by media.  Gun control false flags have done the same.  And every election cycle does the same, also.  

Alternative media needs to be stronger before what you described can be achieved. 

And the elites understand this better than you or I, hence the rapid acceleration of mass chaos around the globe as we sit here being keyboard rebels.  

Dutti's picture

There will be no crash. There will be continued, well coordinated money printing everywhere.

KrugerrandFan's picture

Cuz it gives us all a giggle :-)

holmes's picture

Exactly. And why does ZH publish this dogshit when we all know its not worthy of being posted here?

What's the matter? Is your head going to explode if your brain is exposed to a point of view different from yours?

Bay of Pigs's picture

My head exploded a long time ago. BAC needs to be plowed under.

Greenskeeper_Carl's picture

In the new normal, non of those things matter, fundamentals don't matter. All of those things you listed should have led to a massive dollar sell off and a stock market decline, and a big surge in gold and silver( what he have seen lately hardly counts as a 'big surge' IMO. What we are witnessing here is central planning. The fed and big banks control everything, and wish to see high stock markets, stable bond markets, a relatively weak dollar, and suppressed PM prices. As long as the world accepts the dollar, nothing changes. It works until it doesn't. Not saying it won't all disintegrate eventually, since all unsustainable things must stop eventually, I just don't think this is it. I bet gold is slammed down at the open, and silver follows. Along with a healthy .75-.8 % up day in the S&p.

AllWorkedUp's picture

Good on ya silver. Clearly B of A is short Gold, Traesuries, and long US toilet paper. I wonder if it will be JPM or Goldman that will trash their dervative positions on all three?

PaperBear's picture

"gold is close to resuming its almost 3yr downtrend after a year of consolidation"

Oh boy, are these guys buying the gold that they are telling people to sell ?

SuperRay's picture

Paper gold is capable of anything these manipulators want to do with it. I guarantee you that this moron doesn't own a single piece of physical. He's totally into the cool aid. I hope he's right. Back at $1250, back up the truck!

deflator's picture

 Technical analysis of rigged markets?

_ConanTheLibertarian_'s picture

Rigged analysis of technical markets?

Fuh Querada's picture

The only explanation I can think of why these TA pricks stuff their pieces full of jargon, pseudo-statistics and invalid extrapolations, claiming that they can predict future prices, is that their bosses and the idiots giving them money are too fucking dumb to see through the high-density bullshit which has no greater probability of success than flipping a coin.

buzzsaw99's picture

sell all your 10Y USTs to me bitchez

DoChenRollingBearing's picture

H/T for a consistently good call I would never have predicted.

buzzsaw99's picture

Thank you.

Once you have eliminated the impossible, whatever remains, however improbable, must be the truth. [/Sherlock Holmes]

alexcojones's picture

Does GOLD Have a "Sell Before Date?"

Suprised the MSM presstitutes haven't mentioned one.

Fuh Querada's picture

No, but a shit sandwich does.

I am Jobe's picture

Inline with Amerikan Sheeple Values and Taste 

gimli's picture

...... buy STAWKS you foolszzzzzzzzzz

joego1's picture

This may be true if you buy PM's looking at them like an investment instead of LIFE INSURANCE.

AccreditedEYE's picture

Hahahaha. This is the best news I've read all weekend. You gotta love these clowns...

It's fine's picture

Expiration buy date on Gold 2014 come 15 you won't be able to afford it same with gas and food.