• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

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.

 

*  *  *

Trade accordingly...

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Sun, 06/22/2014 - 14:12 | 4883170 Racer
Racer's picture

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

Sun, 06/22/2014 - 14:34 | 4883238 Da Yooper
Da Yooper's picture

I smell a Cramer moment

 

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

 

I buy

Sun, 06/22/2014 - 14:55 | 4883300 max2205
max2205's picture

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

Go fuck yourselves BOA

Sun, 06/22/2014 - 15:01 | 4883317 DoChenRollingBearing
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!

Sun, 06/22/2014 - 15:17 | 4883359 Oracle 911
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.

Sun, 06/22/2014 - 15:54 | 4883446 DoChenRollingBearing
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"

http://letstalkbitcoin.com/blog/post/rise-of-the-zombie-bitcoins

Sun, 06/22/2014 - 16:48 | 4883572 magnumpk
magnumpk's picture

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

Sun, 06/22/2014 - 15:16 | 4883360 TVP
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.

 

 

 

 

 

Sun, 06/22/2014 - 14:41 | 4883266 macholatte
macholatte's picture

 

Via BofAML's Macneil Curry

 

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

Sun, 06/22/2014 - 14:57 | 4883297 SoilMyselfRotten
SoilMyselfRotten's picture

Another opinion to toss on the dung pile of bankster predictions

Sun, 06/22/2014 - 15:35 | 4883365 Lore
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.

Mon, 06/23/2014 - 00:07 | 4884605 SF beatnik
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.

Sun, 06/22/2014 - 14:53 | 4883295 Gringo Viejo
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.

Sun, 06/22/2014 - 14:57 | 4883309 Stuck on Zero
Stuck on Zero's picture

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

 

Sun, 06/22/2014 - 14:16 | 4883180 SilverIsMoney
SilverIsMoney's picture

ALL THE TBTF BANKS HAVE BEEN SO WRONG ABOUT GOLD ALL FUCKING YEAR ITS OBVIOUS THEY ARE SIMPLY SPEWING US PROPAGANDA!

-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...

Sun, 06/22/2014 - 14:23 | 4883204 Bay of Pigs
Bay of Pigs's picture

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

Sun, 06/22/2014 - 14:26 | 4883217 SilverIsMoney
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.

Sun, 06/22/2014 - 14:35 | 4883244 SilverIsMoney
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.

Sun, 06/22/2014 - 15:40 | 4883428 Lore
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.

Sun, 06/22/2014 - 17:28 | 4883682 SilverIsMoney
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.

Sun, 06/22/2014 - 15:31 | 4883404 TVP
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.  

Sun, 06/22/2014 - 14:38 | 4883256 PenguinMan
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.

 

Sun, 06/22/2014 - 14:59 | 4883303 The Most Intere...
The Most Interesting Frog in the World's picture

.

Sun, 06/22/2014 - 14:57 | 4883304 The Most Intere...
The Most Interesting Frog in the World's picture

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

Sun, 06/22/2014 - 15:28 | 4883396 TVP
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.  

Sun, 06/22/2014 - 18:13 | 4883792 Dutti
Dutti's picture

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

Sun, 06/22/2014 - 14:57 | 4883306 KrugerrandFan
KrugerrandFan's picture

Cuz it gives us all a giggle :-)

Sun, 06/22/2014 - 15:01 | 4883319 Dr. Engali
Dr. Engali's picture

Click bait. Why else?

Sun, 06/22/2014 - 15:11 | 4883350 holmes
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?


Sun, 06/22/2014 - 17:20 | 4883658 Bay of Pigs
Bay of Pigs's picture

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

Sun, 06/22/2014 - 15:30 | 4883403 Greenskeeper_Carl
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.

Sun, 06/22/2014 - 15:41 | 4883431 AllWorkedUp
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?

Sun, 06/22/2014 - 14:15 | 4883181 PaperBear
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 ?

Sun, 06/22/2014 - 14:45 | 4883278 SuperRay
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!

Sun, 06/22/2014 - 14:16 | 4883184 deflator
deflator's picture

 Technical analysis of rigged markets?

Sun, 06/22/2014 - 14:26 | 4883212 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Rigged analysis of technical markets?

Sun, 06/22/2014 - 14:40 | 4883262 PenguinMan
PenguinMan's picture

Rigged analysis of rigged technical markets?

Sun, 06/22/2014 - 15:51 | 4883447 barre-de-rire
barre-de-rire's picture

rigged what !?!

Sun, 06/22/2014 - 14:26 | 4883216 Fuh Querada
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.

Sun, 06/22/2014 - 14:16 | 4883185 deflator
deflator's picture

dub

Sun, 06/22/2014 - 14:17 | 4883186 buzzsaw99
buzzsaw99's picture

sell all your 10Y USTs to me bitchez

Sun, 06/22/2014 - 15:04 | 4883333 DoChenRollingBearing
DoChenRollingBearing's picture

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

Sun, 06/22/2014 - 15:14 | 4883355 buzzsaw99
buzzsaw99's picture

Thank you.

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

Sun, 06/22/2014 - 14:17 | 4883188 alexcojones
alexcojones's picture

Does GOLD Have a "Sell Before Date?"

Suprised the MSM presstitutes haven't mentioned one.

Sun, 06/22/2014 - 14:30 | 4883228 Fuh Querada
Fuh Querada's picture

No, but a shit sandwich does.

Sun, 06/22/2014 - 14:35 | 4883242 I am Jobe
I am Jobe's picture

Inline with Amerikan Sheeple Values and Taste 

Sun, 06/22/2014 - 14:22 | 4883200 gimli
gimli's picture

...... buy STAWKS you foolszzzzzzzzzz

Sun, 06/22/2014 - 14:25 | 4883207 joego1
joego1's picture

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

Sun, 06/22/2014 - 14:28 | 4883222 AccreditedEYE
AccreditedEYE's picture

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

Sun, 06/22/2014 - 14:30 | 4883229 It's fine
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.

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