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Gold Dumped, Dollar Pumped As Algos Focus On Claims, Ignore Spending
Because what really matters is not spending or incomes for the average American (which both missed dismally), the market appears convinced that the 2nd lowest jobless claims print in history is what matters and the "rate hike is coming" trade is on. Bond yields are higher, dollar is jumping, and gold (and silver) and dumping...
Gold dumped as dollar jumps...
And Silver spanked...
and stocks and bonds dumping...
It seems any job is a good job... even if it is to the detriment of incomes (because hey the government can always help out with that)
* * *
As Scotiabank's Guy Haselmann explains, it's about the wage growth...
It wasn't so long ago that Yellen and crew were talking about needing to see wage growth. Well, the ECI wages and salaries increased from 2.3% to 2.6% in Q1 from year ago and 2.8% y/y in terms of private sector wages and compensation. Also claims at lowest level since 4/14/2000 when Funds were 6%.
This is happening when Bunds are under strong pressure – something that has kept Treasury yield down.
Treasury technical charts might be beginning to break down and are something to watch. Most importantly, all this is occurring one week before a payroll report (a 5 week period) – where the market will be afraid of a strong number.....makes it so Treasuries will have a difficult time gaining any traction.
Bottom line: Risk/reward in the near term remains to the downside for Treasuries. Month end may add a bit of volatility but is not nearly a powerful enough force to drive or keep the Treasury market up. Fed fund future odds of a June Hike at 5% are much too low.
Charts: Bloomberg
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Same as it ever was....
last day of the month on thursday, first day of the month on friday.....you know the rest
What I said here yesterday!
They must be counting "rioter" as an occupation. They might be right.
A little QE cash over here, a little QE cash over there.
provident. free shipping over 99. getch yer stack on.
Tylers, what are Gold (and Silver) and dumping doing? Is that the new troika?
GSD, BTFGSD.
Sorry, it just read really funny.
I'm jumping, does that count?
BTW, India is back to importing AU hand over fist, which means we are one of the BIS storehouses of ill-gotten gains courtsey one of th emost beholden central banks and central bankers in the world.
Count on AU staying $1300 till August 15th. Then........we'll see eh?
India is going to solve it's mal-nutrition issues with Gold biscuits....hah!
https://www.youtube.com/watch?v=ewdDVOc3tcA
Then why wasn't yesterdays headline Gold Pumped, Dollar Dumped?? Oh yeah, gold didn't pump.
The long dollar trade is the only safe place to be. Debts aren't going to reconciled in gold, if your talking about this mornings activity as a "conspiracy" against gold. I am excited to see what Mayday will bring us tomorrow. Never been a more exciting time to be alive.
Debts will be settled in dollars because they are highly valued by Chinese day traders and gold is a barberic relic! Long live Jamie Dimon!
Ha!
Suck Castro's old dryed up dick you little communist fagott.
Debts reconciled in USD until they're not. Then you can use em' for kindling.
:-)
Deflation as far as the eye can see.
Gold and silver will have another large beetdown and will not start rising untill all confidence has gone in Bonds and stocks
The last 4 interday lows for silver have been followed by succesively higher end of day closings.
It looks like silver is creating a bottom.....
Agreed. The wise are doing what JPM is doing (buying silver hand over fist). So get out there and BUY and crush these bastards! Who's with us? Let's do it!!!!!
I'd think we'll see it down around $15.40 again soon. Last I bought was $15.35...$16.19 at my door
Another large beatdown like they got in 2008 when the bottomed in November but the rest of the market tanked until the Spring and bottoed in March? Gold has been the safe haven this whole time but people like you only listen to the MSM. Grow a pair.
makes sense to me.
Please, Zeroes, say something profound to obscure the fact you dopes bought precious metals in the first place.
"Gold is manipulated!"
"Really, I am a good investor, except everyone is conspiring against me."
That's Zionist jew Saul Alinsky Rules For Radicals 101 right there folks!
Upvoting yourself doesn't count. You are the consummate 'zero'.
Judging by the vote, he had to call his mom too.
He's got a few accounts....he will be banned once Ukraine re-enters the news.
You're a fuckin troll; nothing more nothing less.
Sucess again by Mr Yellen and her tribal banking cartel!
Owning gold and silver is not a daily play. It is a way to guard wealth long term by owning a finite material with intrinsic wealth. Oh but you know, BTFD in the stock market!
Absolutely! Physical gold and silver is long-term money. Paper fiat promises is short-term "money" as long as people will trade goods for it. Dollars represent half of a promise. The person who traded goods or services for paper promises doesn't receive the other half of the promise until they trade it for goods or services. Geez folks, it says "NOTE" right on the cover. ALL paper transactions are promises, not substance.
ride the dragon
Gold is a joke. The dollar has dropped 5% in two weeks and gold went nowhere. Now oil, that's another story, guess we will postpone the date for the overflowing tanks at Cushing.
Sarao is spoofing the gold market now????!!!
I give it six months before everyone starts spoofing everyone else.
Algos think a rate hike is coming? Dumbass machines.
machines are not dumb, people are dumb
Perhaps I can interest you in a crypto currency and a Japanese fuck doll.
oh yeah? well YOUR MOM
My back has 3' calluses from prior beat downs. Ugly, but we all gotta take pride in something. Proceed.
Citibank buys 1 billion in Gold from Venezuela. Just a relic though. www.dailysheeple.com
Citi has the gold, JPM the silver....
Goldman are you covered, or are you the next 'immortal' to get beheaded?
All reports of Goldman's death are premature.
September.
Citi = Saudis.
You figure out the rest. They too hedge. Every way they csn. You?
As expected, nothing new here.
All pre-planned.
So much for the soaring silver sensationalism we got two days ago.
Yeah because price action in a manipulated market is everything.
BAHAHAHA!
USD was not pumped!
USD_I + 0,24%
Silver -2.9%
Gold -1,2%
I would say someone manipulated silver market.
just because its gone from $5 under production cost to $6 under production cost does not mean the price is out of whack with supply/demand fundamentals. Or something...?
Buy some gold, kill a bank. Leverage is a butch.
Yeah, silver just became 3% less valuable a few minutes ago.
Riiiiiiight.
Nope, no blatant manipulation here. No sirree.
Yeah JPM doesn't loot the Treasury or nothing....
http://www.zerohedge.com/news/2013-03-02/why-jpmorgans-gold-vault-larges...
this is freakishly fucked up.
Everything is soooo manipulated its just fucked up.
we have a major economic power in decline, aiming to finance all military, NSA, Black ops, FBi,Homeland Sec, National G, and all other shit from freshly printed fucking confett, with the background of rapily declining tax reciepts. What a farking farce.
Laws of nature can be fought to a point, beyond what we understand as natural, until it folds, and it will.
Where will you be when it does is irrelevant, its happening now.
What do you expect from the money changers? Cookies and cream?
HA!
just waiting for a FED spokesperson to annouce....interest rate will be on hold for the foreseeable future or till the middle class wakes up and revokes....which ever comes first!
?????What middle class is going to revoke what?
so horrendous jobs report last month had no positive impact on treasuries and a potentially stronger one could be very negative.
you know, in this turd of a manipulated world putting any words or logic to explain this madness is plain silly or just trying to justify the unjustifiable. every bad data point doesn't ever affect risk, every mildly positive one is great news. when will it end. will dudley ever allow it?
Lows for the 2011-2015 on the way. Those stops at around all-in costs are too juicy for the bots to pass by. A lot of true believers will wail and gnash their teeth in these days. Recall how the citizens of Pompeii cried out in the streets that the Gods had abandoned them.
Any analysis on the ECI data? My feeling is if Employment Cost includes Healthcare then it is artificially skewed higher, and doesn't represent true wage gains. If Participation Rate remains depressed, there is tons of slack in labor market, so why would wages rise? makes absolutely zero sense, unless Yellen gloms onto ECI as more cover for "normalization".
Do you really think it's the algos? Hahaha hahaha #Central Planning #Collusion
Another silver smack-down. Thanks. I can now buy more.
Sell in may and go away... (well it's kicking off a little earlier this year).
Also they may be thinking along the lines of taking gold down BEFORE a possible Greek default and contain any knee jerk bounce higher.
As bonds fall to negative, the time for gold is almost here but will only happen when investors lose faith in governments to service. Notice how gold fell when worst of Euro crisis ended? If the time was right for gold the rush to buy would overwhelm any algo... www.market-guru.co.uk
Wake me up when there's a 100$ move or so...
I'm not an expert, but if the Chinese control the prices of gold and silver (as Jim Willie has commented), then it is to their advantage to make those prices as cheap as possible as long as they can in terms of the dollar. Thus they can devour all precious metal surplus from the U.S. (which is real money) and maintain the purchasing power of all their accumulated Treasury notes and U.S. currency reserves. Thus they enrich themselves on the cheap, and eventually can put the U.S. economy into the doldrums which will make everything in the U.S. worth much less and cheaper to buy as well. Heads China wins: tails U.S. loses.