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BBC Does It Again: "In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks" - IMF Advisor
A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems."
But no, Morgan Stanley does, or so they swear an unlimited number of times each day. And they say not to worry about anything because, you see, it is not like they have any upside in telling anyone the truth. Which is why for everyone hung up on the latest rumor of a plan about a plan about a plan spread by a newspaper whose very viability is tied in with that of the banks that pay for its advertising revenue, we have one thing to ask: "show us the actual plan please." Because it is easy to say "recapitalize" this, and "bad bank" that. In practice, it is next to impossible. So yes, ladies and gentlemen, enjoy this brief relief rally driven by the fact that China is offline for the week and that the persistent source of overnight selling on Chinese "hard/crash landing" concerns has been gone simply due to an extended national holiday. Well, that holiday is coming to an end.
By the way, Reuters, Shapiro is not a Yes Man -we'll spare you the ruminations.
h/t Scrataliano
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Classicalib - Here's a link explaining nickels
http://www.survivalblog.com/nickels.html
Thank you kindly, James. CL
Forget nickels. You want a store of value for when shit hits the fan? Buy used guns and don't overpay. If shit doesn't hit the fan then you can sell them for what you paid plus inflation within a few years.
Food is looking real bullish too
He probably means war nickels, which had significant silver content. 1982 pennies are too bulky unless you just don't have the money to buy significant amounts of silver.
i think he means so he can give you a knuckle sandwich with them. i'll be cheering him on!
i'd like to see a trigger event that make all derivative counterparties default;
somebody remind me how much money is in the derivative market again?
$100,000,000,000,000,000.37 (or thereabouts).......
Are you sure about the .37? Do you have a source for that? Couldn't it be closer to .66 or worse yet 666?
Is that silver or gold? Please be clear when specifying fiat prices for PMs, in the very soon to come future.
http://3.bp.blogspot.com/-y0ZAR1qmG6c/Tocz64x8uJI/AAAAAAAASBQ/YrhGXgzuah...
top 25 holders as of june 2011 about 333 trillion.........
And what was it yesterday that somebody said there was a 32.333% chance of something going wrong? Else everything was fine and dandy!
did you listen to kyle bass take david faber to school yesterday on cn bullshit? he was not painting a very rosey picture either....
Tee hee heh...
Even the PermaBulls are having trouble.
Matter of fact, seems the whole fucking world is having second thoughts.
There's something drastically fucking wrong and everybody knows it... but cannot collectively put their finger thereupon.
"Careful, Alice. That Rabbit Hole Gets Mighty Deep"©
i rece3ntly read an article coinflation.com that kyle bass bought a million dollars worth of nickels
Say what?
i rece3ntly read an article coinflation.com that kyle bass bought a million dollars worth of nickels
Come again?
http://dailybail.com/home/kyle-bass-with-david-faber-greece-will-default...
thanks drifter for the chart
333 trillion dollars of notional derivative contracts just from the top 25 banks, people need to realize that these are highly leveraged, speculative bets on the future of our economy. 333 trillion dollars is roughly 5 times the world's GDP, doesn't matter how many times we bail them out, there is simply not enough money in the world to satisfy their speculative bets. These bets completely distorts capital and equities markets and expose us to enormous counterparty risks; in addition, these bets leverages our mounting national debt and make it virtually impossible for us to meet our future obligations. people might argue that the notional figure includes both short and long positions (double accounting), but please bear in mind that this is only the top 25 holders of derivative contracts and the overall size is much bigger.
shapiro told the truth about the risks in the market, but he doesn't tell you that the banksters are the ones who created all of these risks. banks can cook the books and keep getting bailouts however all the risks will not go away unless these speculative contracts are settled or unwound; until then they want us to continue to bail out the banks
You will get different answers everywhere. Approx. $15T notional CDS held by US banks. All these values are notional so not real VaR. Almost all this is held by TBTF and the backstop is bankrupt.
the end is near; i wouldn't not recommend buying cds as a protection. it'll be a 'black swan' event, one which the banksters set in motion.
my theory is that, during periods of economic down turn, it would benefit the middle class to increase reserve requirement to a 50% fractional reserve banking system, then use some bimetal money standard to back the dollar. should our creditors become aggrieved, we can indefinitely postpone the maturity on all sovereign debts.
get physical silver/gold, do not get worthless paper contracts, and hang on to your hat. in a black swan contagion event paper contracts are next to nothing, agreements will never be satisfied. on a side note, should you decide to bury a pot of gold in your backyard when no ones looking, make sure you disclose its location and gps coordinates in your will.
bimetal standard is too hard to implement because the variable ratio between the two metals can create price uncertainty. Just pick one and go with it.
Like I said..."a real copper penny." that should do it!
Not a problem.
An (Anonymous) internet terrorist attack on the (NYSE) financial system could resolve a global financial meltdown and kill free speech in one fell swoop.
"Sorry folks, the distruction was so bad that the monetary system must be reset. The internet will be locked down to protect you from further harm. We will not sleep until the terrorists are brought to justice. Goverment assistance will be provided to those in need."
I upticked you back to neutral. Your post shows originality and perfect cynicism; if not this year; maybe next year.
With an IQ of 145, maybe I could spell destruction....
The people with nothing to lose won't care. The people with assets will have them confiscated, unless they can hire an army. Back to normal.
I totally agree. What other end game is there for asbestos filled buildings quadrillions in derivatives. Reset is the only feasible course of action. Global government and global police will be there to save us, just in time. In order to rebuild they will probably confiscate PM's as well and tell us its for national global security. We are turning a big corner soon, 2012 is the conditioning scapegoat on the trail to cognitive dissonance. In the end, we all lose.
It always have been and always will be that a few will exploit the masses, enslave them, or outright kill them. There really is no hope and we are lucky enough to be born in a pivotal point in history. The west has unprecendeted amounts of elderly dependents and within a few decades with or without manipulation the system would have collapsed on itself. There's not enough working age people to support the growing elderly population and within a decade the old will be 50%+ of the population. Reproduction has been deliberately discouraged and has created this demographic mess. It's not going to be pretty and the elderly will be hit the hardest. If you have grand parents that live off a pension or social security then encourage them to stock up on food and medicine. They will need it. As for the rest of us capable of labor we will have a chance.
All of this that we're going through has happened before. You'll find that society will become more and more farcical and decadent right before the purge comes. Don't participate in demagoguery, don't look for heroes because there won't be any, and don't have any hope in politics, reform, or revolution.
Man up Pussy
Tell that to your grandma
My grandparents say the only thing that got them thru the depression was a tight knit community that bartered with eachother. Doctors were paid in food and services when families couldnt provide money. Fix a truck for a few chickens. They fell back on the oldest known business to man (next to prostitution) : Barter.
And the way things are shaping up here it looks like we are headed that way whether we want to accept it or not. People with an actual "skill" or "trade" will make it through. Desk clerks and pass the buck skim the cream suits wont have anyone to work for and no one to skim from. They will starve.
Confiscate PM's over my dead body. I guarantee I'll take a few with me.
I've always been reminded of the "Men In Black" scene, where the Illegal Alien Invader says:
- Ned
2-3 weeks??? Come on who thinks that far ahead...
Honestly, I can't tell... they've gone longer than I would have thought. Nice, cause it gives me time to pick up a little more silver.
-
CH1 - if you can.
http://www.arabianmoney.net/gold-silver/2011/10/06/physical-silver-running-out-because-its-spot-price-does-not-reflect-true-investment-demand/
http://www.arabianmoney.net/gold-silver/2011/10/01/something-fishy-when-gold-prices-go-down-but-bullion-sales-hit-the-record-books/
Forget what post but someone linked in the last day or 2 that the us mint sold some 740,000 silver eagles the other day- record breaker.
Steve Jobs does...oh wait.
Tanks in the Streets! Run for your lives!
Hell no, snag one. Offer up your neighbor's wife.
If my neighbor did that, I'd shoot him.. Then ask my wife if his widow can join us..
Then I'd take the tank..
who's side you on?
My neighbor is a Lib that never learned the art - of speaking in complete sentences.
Actually, I dont really need another woman. But a TANK! Now that is cool. Sounds like a good trade. LOL.
At 3 gallons to the mile make sure they deliver it where you will be using it.
good luck finding fuel for that shit.
I'd prefer a 3 wheeler Schwinn with a basket full of RPG's.
Still like our handle and now tour vision and attitude. Milestones
More like "Time Warner is on the air."
Followed by more rumors of a credible plan being completed by the IMF/ECB
...followed by a big-ass hot cup of reality.
Yep, daily horrible news, offset by another flurry of rumors about how its all fixed...just a fools game is all this rigged game is.
I cant wait for the morning when it all really does collapse big time, and everyone is wailing about how theyre stuck and how unfair it all is. Dance with the devil and party but dont come crying to me over your 3rd degree burns.
Stop it! Stop it! I can't take this any more!
Everything is fixed, OK, neato-keeno, don't worry be happy, sunshine and butterflies, rainbow colored unicorn shits being called Skittles and eaten by small school children as processed healthy food, mercury in vaccines, chemical shit dumped in the air, aspartame is good for you, there is no radiation from Japan and cow farts are under control so if we just pay more taxes so the gubamint can run more efficiently then everyfuckingthing will be FiNe.
All this negativism is just a bunch of greedy poverty stricken people trying to talk the market down so that they have a chance to buy in cheeeeep.
Cheep I tell ya! Cheep!
It's all a fucking plot to undermine the shorts and doomsayers.
Cheep, get em while they're hot!
Aaarrrrrrrrrrraaaaggggggggghhhhhhhhh!
Everything is fucking broken!
No wonder so many people do drugs and alcohol to escape from reality.
That sounds almost crazy enough to be reality.
In a world gone mad...
http://www.youtube.com/watch?v=cF5qwyO05JE
Who has a big ass?
If you know what's good for you, anybody but the wife.
Crisis, meltdown, collapse, Armageddon - heard it before so many times. On the abyss, the freaks always save their souls, at the cost of all the others. Boring world we live in.
Why are you here again?
Cuz he's bored, duh!
To downplay all the horrorstories.
To what end? Do you think you'll 'convert' some to your religion of 'everything is ok'? Shill.
The facts will prove me right. After all, the US is not in default too, despite the many doomprophets like Bill Gross. The dollar even rises, now Bernanke says to lower his money press. Mind the True Finns, German regional elections, Dutch resistance in parliament, Finnish collateral and now Slovakian grumbling: it is or will all be over, the euro survives. We're still alive.
were u dropped on your head much as a baby ?
Here is a horror story for you:
Did you have money in Dexia stock a week ago? Yes? Well, you can't sell the stock because it is now halted virtually indefinitely. And when you can trade...that stock will be worthless.
If it was all your money, you are broke. Period. End of story.
Where besides Zero Hedge did you hear warnings about Dexia?
@Looking - BUUUUUURRRRNNNN!!!!!
Hurray !!
I saw this happening. I remember a couple of retirees in CNN International saying they lost everything because they invested everything in Lehman Brothers stocks.
This is one of the main reasons that drew me to this site. I find information here that is usually not on other sites.
But it's a self-fullfilling prophecy ... zh instigated vicious rumors killed Dexia ... and shunted innocent bankers out of their bonus slot ... just cruel!
/sarc
Well the very day (I believe) that trading was halted Goldman downgraded Dexia from hold to sell!
Gee that's swell Mr. Goldman!
Na nan an an naaaana
Not only Dexia, but all others (shearch them here at ZH). All of them will be worthless. Let's all sell short as if there is no tomorrow.
I will ignore the inner voice telling me to go long becuase of your comment and the underlying fundamentals.
Besides, you can't short them. Didn't you hear?
tekneek, Dexia is not the only bank tyler has been talking about. Of course I did not mean shorting Dexia, since it's already dead.
Short the whole system and go buy some PMs. They cannot afford to let BOA, MS or any of the European garbage cans fail at this point, they will monetize one way or another. Debt is a numerical problem, I owe you $100 here is $100, never mind what it's worth, as long as you balance your books. That's the bottom line, ink or bust.
Yeah and if this does not creep you out. I want you to take a closer look, my friend. It turns out that there is more about this Dexia stuff. And Tyler didn't even mention it. I mean this is disgusting. Now think about those poor Belgian people and how stupid they must feel now. A bank named after a parasitoid...I mean...the horror! Now could someone please pass me the beer nuts? Thanks...
http://en.wikipedia.org/wiki/Dexia_%28fly%29
(nah)
Tyler, you see this?
Oh and just in case you haven't laughed: http://commodityzen.com/dexia.png
Pay attention to the slide. Nothing else is really relevant in that picture.
I love that phrase sustainable development. It's bureaucratese for corporate fascism.
Hey TD, any chance of a "silver about to severely crash" story....it would be mighty helpful LOL
Collapsing stock is not a total financial collapse. A further "solution" is underway:
http://www.project-syndicate.org/commentary/gros27/English
No collapse, of course.
Gros proposes that the EFSF be registered as a bank so that it can borrow money from the ECB to purchase government bonds from weak Euro countries. But the Germans would need to approve this. And they have strongly protested government bond purchases by the ECB on the grounds that monetizing government debt is likely to lead to inflation. In fact, two German members of the ECB board (Axel Weber and Jurgen Stark) resigned over the issue in September. Do you really believe that the Germans are going to permit this?
That dog won't hunt.
Thanks also go to Mark Pittman who sued the Fed and found out how much trouble Dexia was in.
......... luv ZEROHEDGE / admire TYLER / smartest person ever / priviledge to read his website . thank you, dear sir.
it is really sad for small investors.
How about big investors? Is it known who will lose the most out of this?
I don't have a troy ounce of pity for the shareholders. That's a risk they took voluntarily, and it was up to them to do(due) their dilligence.
The real problem is depositor and custodian funds. Dexia holds pension and retirement funds front the various caisse de depots and credit local,
and is custodian to a myriad of funds traded by all the big french, belgian, europeaan, and north american banks through RBC Dexia.
Still long Worldcom?
hey I can't find my LU
Boring mostly, with sudden and mostly unexpected moments of terror! Realistically, it seems to me more akin to phase transition points for lack of a better term. We are just building energy (and containing reality) to such a degree that either a new reality is formed (the plan) or we experience an explosive blow-back event (the inevitable).
And training the real sheeple, the 401K/Pension fund brigades, to be calm and expect their funds to be recovered quickly....cant have them getting too nervous and selling.
Hedgies wouldn't like the competition. When I tell people the game is rigged and to get out of their 401k's they look at me like I have two heads. Oh well, as long as they don't come knocking on my door when the grocery store shelves are empty. All they'll get to eat is 30-06.
The private and public pensions funds dont stand a chance. The only reason those big, juicy steaks haven't been carved up served with a nice merlot is because it would cause the sheeple to panic, munis would implode, etc. It is sort of like the trip wire on the financial booby trap. Those steaks are on the grill though.
The flattend UST curve is going to kill them too (pensions). They rely on those for guaranteed returns. Essentially, its a game of help the banks at the expense of the fixed income retired.
They can't hide pension losses forever. I don't think it will matter too much though, Greece will bring shit down long before the sheeple discovered that their pensions are insolvent and no more checks are coming, but they'll be able to blame on the Greeks now.
No doubt. It is going to push the yield starved into riskier and riskier places. Lambs to the slaughter.
Isn't that the plan?
Nice analogy.
Not boring if you owned Dexia stock, youre now sitting at -0-. Same for many other stocks...these 'market' melt ups are just the show on the curtain, whats going on behind the curtain is far different.
Soon enough your handle will be ShittingMyPantsWithAmazement.
You are a fun new guest at the party.
Lets take a philosophical view of this on Steve Jobs passing away he did remind us of an important fact "death is the greatest invention, it makes way for the new". So let the world collapse go to war and burn. It will renew then. Isn't eastern spiritual thinking great? Karma is a bit#h but part of the wheel of life and death and rebirth!
And oh if we take the Western philosophical approach we will get Santa Claus this Christmas to bail the banks. Now if you believe that.......
Santa is a thinly disguised SATAN for children. Just rearrange the letters -- see?
That's why he needs to be eliminated.
http://www.youtube.com/watch?v=9AbwKfeKx9E
Or as George Carlin said (paraphasing of course)... we are here to make plastic. When the world has enough plastic, Mother Nature will get rid of us and some other creature will have it's chance to rule the Earth.
Yeah. Too bad we didn't take that path in 2008 and let a big chunk of the financial industry make way for 'renewal'.
look out below tonight and tomorrow on precious metals. such news is bound to cause them to fall like a rock...........
I hope so, I just got a windfall and I'm looking for a good place to get in.
The ECB basically guaranteed unlimited liquidity for its banks for the next 12mths, how the heck are we going to get a banking crisis?
Pair that with the swap lines kicking in mid month, we probably wont even see a dollar spike.
Assuming the ECB takes PIIGS bonds, how this does blow up in the next 12 mths?
Or am i completely misunderstanding the LTROs?
unlimited liquidity = unlimited printing = unlimited inflation = loss of faith in Euro = hyperinflation
Hyperinflation doesnt happen without velocity.
Liquidity stays stuck on balance sheets now, unless it finds its way out as credit and into the commodities, i dont see how hyperinflation is a possibility.
It's not as if the Greeks are printing EURs and spending it willy nilly.
This liquidity is just a juice to keep the insolvents from grinding to a halt.
Who has the money to pay for hyperinflation? Its all contained in a pressure cooker right now....pressure increasing every minute.
True, but hyperinflation is also a psychologically driven event. The very act of having to 'recapitalize' banks at tax-payer expense could very well drive people to remove cash from banks, further driving liquidity requirements of the banks, and forcing people to find something to store their money in. In Weimar this become everyday items, whether they needed them or not. At least they could barter with ordinary items while value of the paper was lost every minute.
Greece can't print EURs. I believe the ECB is the only entity that can do that. As pointed out before, Greece is in a death spiral.
Look at Argentina circa 1990 for a more recent example.
Exactly, noone but the ECB can print and right now any EURs they print in exchange for collateral is likely put back on deposit with the ECB itself, evidence the spike in deposits with the ECB.
The banks may know its all BS, but they sure as hell arent going to go buy gold with the cash instead, cos that's as good as breaking ranks and panicking.
With regard to people spending their way to hyperinflation, unless europeans are MUCH richer nominally than i'm aware of, its pretty much impossible for bread to hit 100k EUR anytime soon.
People may think the EUR is BS, but i dont think we'll have hyperinflation, instead we might see what is happening in Greece, community based hybrid barter or local currencies like the peseta making a comeback.
The EUR may be illegitimized by people recognizing BS accounting, but unless they have the nominal EUR to spend, no hyperinflation.
interesting.
Fractionnal banking system works like leveraging. It is fun one way and painful the other way around!
How can they remove their cash from the banks if there isn't currency available? They can only buy other financial assets like stocks and bonds (or gold and silver which is becoming increasingly unavailable).
Argentina had currency, both their own toilet paper pesos and also a lot of USDs floating around so it's not a good example.
IMO, the guarantee is conjecture. The mechanism for unlimited liquidity is still MIA. The moment they actually shake their money maker, everything (except bonds) will explode to the upside.
Assuming i understand the LTROs correctly, cant the banks just offload ALL PIIGS debt to the ECB for the next 12-13mths?
Doesnt this effectively transfer the risk of default onto the ECB?
Or is the real risk all the CDS?
Perhaps MS is the new AIG?
Its both! Just like in the US in 2008. Banks failed and then AIG couldn't make good on the CDS's.
I don't think Germany will allow the ECB to take all of the risk. The more EURs that ECB has to create (or get from sovereign nations) hurts the tax payers and businesses in the EZ. Germans do NOT want their currency further debased.
Besides, even offloading the banks' current Greek Bonds does nothing for Greece. It still needs buyers for it's bonds to fund it's government, or more cash from ECB, IMF, etc...
Yea....then the Gubmnt (us) bailed out the Ponzi scheme known as AIG/GSucks.............
From what I know, the mechanism(s) that would allow the actual transfer of those debts to the ECB simply does not exist because there is no way a mutual agreement will be struck. And, all attempts thus far to create workarounds have failed for the same reasons.
Maybe my info is incorrect, but I thought the ECB lacked the ability to print unlimited amounts of Euro's, unlike our FED. Are they not more accountable to the member countries?
Makes sense LTROs are just a swap after all no?
If your collateral blows up, i guess your still on the hook.
ECB QE would be a completely different kettle of fish.
The rally seems even more ill advised now.
what u have is a bunch of sovereign junk bonds, nobody can ever pay back. Only this giant hole is guaranteed by the ECB and the FED. The worldwide ponzi is close to collaps.
Let's make it a week or two!
Hoax. (j/k)
He's just trying to get attention for his book I bet.
+1 Exactly!!!
Because everyone talks their book by making a prediction that could make them look ridiculous in a couple of weeks.
European Central Bank commits suicide
"Our central bank is committing suicide. On the one hand they are helping banks with billions and billions. They are buying junk bonds, billions and billions. I mean, where does this lead to? It is one of the last nails in the coffin of our central bank."
http://www.mmnews.de/index.php/english-news/8633-european-central-bank-commits-suicide
evolutionx
To hades w/em'.
Cry me a RIVER.
Any CLUE how many Trillions WE have given the EU banks?....................yeah, OUR FED has given US Taxpayer dollars in the trillions to THEM.
Americans paying for failing EU Bnaks..........tell me what Article of the Const that is allowed, also, the Congress was never informed.
It is just surreal how calming they all were talking about the possible penind implosion. Seems as if the lady has been reading ZH, "the plan of a plan". HA.
When are we gonna get those City Slickers jumping out of the windows. Will it be televised?
NFP is pretty much a "dead pan lock" on the Gold Cartel bombing the PM's prior to the market open tomorrow.
That is why nobody was buying gold stocks today despite the decent-sized move in GLD.
Can't blame them, it happens over and over again like clockwork.
Just like the XAU, which now has over 8 years achieved a 100% track record of staging massive breakdowns after a breakout.
Tough sector. You are better off trading long in a TPTB-sanctioned, Fed-sponsored sectors like retail stocks.
Hey how's your 'all-in long here at DOW 12,700 for this big rally' call doing?
Dude, you obviously haven't been reading.
I exited all my longs on that big break under 11,900 when the CRB index broke away.
Sold everything.
OH, ok.
hey sheepie, its great being anonymous!!! you can fictionalize anything!!!! me, i bought every internet stock in 97 and got out in 99 right before the bust!! i made 50,000 pct return on qualcomm alone!!! then i moved into housing, bought a bunch of knockdowns, fixed those bad boys up, and flipped them for 300 pct profit!! oh, and i bought gold when it was 100 bucks an ounce, and silver when it was 2 bucks an ounce. and now i just got in on the bond market before it exploded to the upside. IM THE SMARTEST, MOST AGILE TRADER AROUND!! I SENSE TRENDS A MILE AWAY--IM A FUCKING BLOODHOUND!!!
LOL!!!!!!
I'm skeptical...
Thanks, Kito, that needed to be said. I've been wanting to do it, but I'm just not much of a typist. Beautiful.
Why are you wasting time posting here instead of enjoying your billions?
You mean you aren't even tempted by the "generational lows" in MS that you mentioned yesterday? I mean, with a 57 P/E, that stock is SO cheap. Recession: already discounted. Euro-collapse: completely hedged. Clearly the moon is just the first stop for MS.
In the alternate universe, infinitely-malleable past of RobotLemmingWorld, all purchases are made at the exact market lows, and all sales at the exact market highs. See how that works?
The XAU didn't breakout Robo. HUI did, but the XAU didn't confirm. Get your facts straight.
Oh that's right, you never do.
In regards to Robot:
You think that moron makes any trades? -lol. All ridiculous hindsight and junk posts. He does the same thing on the bear forum. He really junked up that forum... just a bunch of idiotic opinions and antagonistic PM bashing. No intelligent posts whatsoever.
Goodness, on the other thread you said we should be grateful for the ramp because:
You guys should be cheering, since the gold stocks are being dragged up kicking and screaming as "investors" are piling into the worst sectors to make a fast buck: Solars, banks, gold stocks.
STFU. You don't trade.
So far these PM raids have only been able to knock the price back to the top levels a few months earlier (big deal). Last time we had a real route was back when Au went from 1k/oz to 800/oz. That dip lasted for quite a while. Once it went back above 1k/oz. Au never looked back. The manipulations downward have been less and less sucessful ever since.
The key to PMs as insurance:
Step 1. Buy early;
Step 2. Buy all you can afford;
Step 3. Hold
Citimex,
?????? HUh?
1k to 800.00.......................
Try the one 3-4 wks ago, 1540's from 1910.00ish, now 1650.00,and still down over $250.00 from nom high.
11 days until Black Monday II
What's going down on the 17th? or, shouldn't it be Black Monday the IV ?
from wiki:
Black Monday is a term used to refer to certain events which occur on a Monday. It has been used in the following cases:
"
"
Racist!!!!
redpill,
Could have read;