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Everything Up As Gold/Silver Outperform

Tyler Durden's picture





 

Between our overnight discussion of the size of the Fed's QE and Goldman's call for QE as soon as April, risk assets all synced and surged today as the USD gave back most of the week's gains. The S&P 500 managed to close above 1400 for the first time since June of 2008 on decent volume - even as AAPL closed down 0.7% (and -2.5% from the $600 threshold it peered over) as financials once again took the lead. BofA is now up 13.6% from pre-JPM-dividend news (more than double its peers) while GS and C languish up only around 2% from that point. High-yield credit markets were nothing like as QE-ebulient as stocks today as investment grade outperformed (more up-in-quality rotation) and the last 45mins actually saw active selling in HY and HYG while IG and the S&P leaked higher. Treasuries steepened very modestly with the long-end maybe 1bp higher in yield close-to-close but the 7-8bps compression off overnight high yields is noteworthy and brought the broad risk asset complex back in CONTEXT with stocks (after yesterday's dislocation). The USD lost around 0.4% from late last night on the day (though still stronger on the week) as EUR and JPY tracked it broadly but higher yield AUD outperformed handsomely (more QE-funding currency needed). Commodities bounced nicely with Copper the day's winner followed closely by Gold and Silver (up around 0.9%) and Oil practically unchanged after dipping over 1% on the SPR chatter and recovering on the denial. VIX ended the day (spiking) higher and the term structure very slightly flatter. After spiking Friday and Tuesday (as we broke the uptrendline) average trade size has drifted notably lower and was its lowest in over a week today suggesting less institutional buying here.

The FX markets maybe sent the most direct message that from the start that expectations were ramping again for USD-intervention QE which was then helpfully confirmed in a weird parallel universe by stronger than expected US data (implying no need for QE?)...

 

 

Higher beta credit markets, which we would expect to follow glibly along on a QE/risk-on day - did not. Particularly notable is the selling pressure into the last 45 minutes or so in HY and HYG compared to IG (up-in-quality) and the S&P...

 

Post-JPM, financials remain in charge as the worst continue to be first. BofA is the new champion of the underdogs (over $9) as GS and Citi lag...

 

Commodities did well - even as Oil dropped (with the Brent-WTI briefly but sharply compressing then recovering) on SPR and recovered to unch as the USD lost 0.37% on the day. Gold and Silver rejoined at the QE hip and outperformed (removing the sport of calling the drop in Gold from CNBC's ticker) as the realization that QE is inevitable washed over market participants. Copper benefited also.

 

 

Broadly speaking, thanks to Treasuries rally all day and only quite JPY-cross moves, CONTEXT reverted back to equity market's new reality. Whether yesterday's spike was corporate bond supply or purely technical breaks is unclear but it was a dislocation we have not seen in a while.

While betas make for tough comparisons, today seemed to us like a story of precious metal outperformance as it outpaced equities and Treasuries (in CONTEXT) and even the USD. This makes us wonder if the lack of real broad enthusiasm in stocks today on such an otherwise surge day is a sign of QE's increasingly weak effect on reality or perception or merely a reflection of Treasuries rally and the correlation machines not knowing which way was up...

Charts: Bloomberg and Capital Context

 


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Thu, 03/15/2012 - 16:48 | Link to Comment Seasmoke
Seasmoke's picture

BOA OVER $9 ......HOW , WHAT, WHY ????????......i know they signaled at the beginning of the year that it was the play , but its only march 15 !!!!

Thu, 03/15/2012 - 16:59 | Link to Comment resurger
resurger's picture

Reggie will be SAD!

 

Thu, 03/15/2012 - 18:38 | Link to Comment trav7777
trav7777's picture

penultimately sad. And by that I don't mean "2nd to last," I mean a cooler sounding form of "ultimate"

Thu, 03/15/2012 - 17:00 | Link to Comment true brain
true brain's picture

This is the effect of Bernanke mafia put. Just like the mafia, they beat you up twice and after that you pay every time they ask. So Bernanke doesn't have to do QE; just the rumor will drive up stock prices. Just wait for the actual QE, gold will be 2500. 

Thu, 03/15/2012 - 20:48 | Link to Comment John Wilmot
John Wilmot's picture

Ding! Ding! Ding!

drool...

Good dog.

Thu, 03/15/2012 - 17:03 | Link to Comment Sudden Debt
Sudden Debt's picture

Sell in may and go away.

Thu, 03/15/2012 - 17:06 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Front run ´em.  Sell in April!

Mon, 07/02/2012 - 06:26 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Too bad most of the time that's horrifically wrong advice.

Most of the time mid-May to mid-July is the best time to load up on stocks OR some Puts with > 90 days or both (oh no, actual hedging?).

I'll never sell in May and because of that I'll make more money.

Thu, 03/15/2012 - 17:18 | Link to Comment GovtMediaLiars
GovtMediaLiars's picture

I know it. I hate BAC as a company and as a stock and expressed dismay at this myself in yeterday's market and index updates.

I don't begrude anyone their profits I just hate to see a firm this bad, perform so well. Of course, they were also beat down the farthest.
Cheers!
Curtis 

Thu, 03/15/2012 - 19:43 | Link to Comment Zero Govt
Zero Govt's picture

"I just hate to see a firm this bad, perform so well."

I die a little every year I hear Bill Gates is still solvent/running a charity/walking unassisted

Thu, 03/15/2012 - 21:21 | Link to Comment IAmNotMark
IAmNotMark's picture

I would love to shake Bill Gate's hand and thank him for all that he has done for me and for humanity.  If it wasn't for Microsoft, computing would be much less advanced than it is now, and much higher priced.

 

Thu, 03/15/2012 - 22:23 | Link to Comment ThatGuyEhler
ThatGuyEhler's picture

You don't seriously think he has been a net positive for society, do you? Try googling "Bill Gates Eugenics", and you'll see what I mean.

Mon, 07/02/2012 - 06:15 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

the eugenics stuff is a sham. Not one solid story among them. Surprised someone so gullible made it to ZH. Oh well, thems the breaks. We need the occasional jester other than MDB or MF.

Fri, 03/16/2012 - 01:08 | Link to Comment StychoKiller
StychoKiller's picture

You Sir/Madam, are obviously NOT a computer programmer!

Mon, 07/02/2012 - 06:15 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Idiot. If not for Bill Gates and Steve Jobs computing would be almost FREE for all civilization. They did everything they could with copyright terrorism to stop this amazing thing we call OPEN SOURCE. This amazing thing teaches & gives freely what others charge money for and tends to turn out FASTER BUG FIXES because more people are working on the same problem.

Fucking idiot.

Your head needs a shake.

Or a plastic bag.

Thu, 03/15/2012 - 16:53 | Link to Comment spartan117
spartan117's picture

PMs up, but mining shares flat to down.  Same old game to keep everyone out of mining and in general equities. 

Thu, 03/15/2012 - 17:05 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Even a bearing, now in Peru on a visit, can appreciate the PMs going up.  Especially as Peru is No. 1 0or 2 every year in silver production and No. 5 in gold.

The Peruvian economy is doing VERY WELL, and its currency the Sol continues to strengthen vs. the US$.

And, LOTS of bearings are being dold down here, our best year (to date) so far.

Thu, 03/15/2012 - 17:22 | Link to Comment Sudden Debt
Sudden Debt's picture

I have 2 rolls of 19th century sols in my collection! Beautifull coins!
Used to buy them for 15$ a piece.

Thu, 03/15/2012 - 18:26 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 for owning beautiful coins!  Good investment!

Thu, 03/15/2012 - 17:33 | Link to Comment Midas
Midas's picture

A quick search shows Peru to produce around 116 million ounces of silver. At $35 an ounce this comes up to just over 4 billion dollars. Even if they were getting this silver for free it doesn't say much about their economy if this is having a noticeable effect. Not trying to wind you up, but I am always amazed at how incredibly thin the silver market is. Even the big producers don't produce enough to warrant attention. At today's prices anyway..... Cheers.

Thu, 03/15/2012 - 17:45 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

Can you imagine the windfall profits metal rich countries like Peru will reap when PM's real wealth is (re) realized?  A lot of poor countries will be helped, assuming they don't get invaded under a NATO / US humanitarian mission.

Thu, 03/15/2012 - 17:51 | Link to Comment trav7777
trav7777's picture

how the fuck are they going to be helped?  The reasons the countries are poor has nothing to do with the value of resources; it's all about the behaviors of the people.

Frickin Luxembourg doesn't have any gold or oil

Thu, 03/15/2012 - 18:25 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

trav, I think that Peru is seeing a slow evolution towards understanding that freedom and being left alone are the way to advance a country.  The people here KNOW they have been lied to for generations, and after some horrific years with Socialism and bad-ass Communist guerillas, most of their recent leaders have just seen fit to not change much and only steal relatively small amounts.

Kind of the opposite is happening in the USA.

Thu, 03/15/2012 - 18:39 | Link to Comment trav7777
trav7777's picture

the way to advance a country is to bring in advanced humans...amazingly, every time this group of people arrives, civilization is brought in their wake.  When they are driven out, civilization collapses.

Thu, 03/15/2012 - 20:09 | Link to Comment Calmyourself
Calmyourself's picture

When your right, your right, see South Africa.  Collapsing into a concrete coated dungheap shortly..

Thu, 03/15/2012 - 20:50 | Link to Comment trembo slice
trembo slice's picture

who are civilized peoples?  are there a group of people that are inherently better than the rest?

Thu, 03/15/2012 - 21:24 | Link to Comment IAmNotMark
IAmNotMark's picture

They're the ones that have more advanced weapons, which they use to 'civilize' the natives.

Thu, 03/15/2012 - 23:08 | Link to Comment trav7777
trav7777's picture

yeah, it's not like they bring any refrigeration, electric power, or fucking modern medicine.

The belgian congo wasn't invaded with fucking advanced weapons for a slaughter; the belgians turned that place into the fastest-growing economy on the continent...roads, bridges, electricity.  Then it got handed over to the natives.

You idiots think South Africa is novel?  This shit has happened all over the continent in the past 50 years.  Now, there are weeds pushing up through all the roads the belgians built.  Fucking advanced weapons WTFEVER.  Idiots.

Mon, 07/02/2012 - 06:11 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Yes. There are people who are better inventors, better thinkers and stronger with better immune systems. You can't tell in advance who they are but once they arrive you can see it clear as day. Yes, there are superior humans and all others are weaklings to be removed through evolution.

That is in fact normal.

Thu, 03/15/2012 - 18:20 | Link to Comment Campagnolo
Campagnolo's picture

I think you are right on that one Trav

Thu, 03/15/2012 - 18:27 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

@ midas

It´s more than just silver and gold (and copper, lead, zinc and coffee).  There has been nearly a generation of freeing up the economy, at least in certain sectors, here in Peru that has helped a lot.  The natural gas found in the 1980s are also being used to power much of the smaller-car fleet here in Lima (one of our employees has a NatGas powered car -- why can´t they do THAT in the RICH USA?).

A company like ours (importing Korean bearings for spare parts) could NOT prosper or even exist now in the USA.  Not a small one anyway.

Yes, the exports help a lot, but it is not the whole story in Peru.  And Peru´s BIG future in mining looks to be GOLD.

Thu, 03/15/2012 - 18:41 | Link to Comment trav7777
trav7777's picture

Peru has also decriminalized coca production which has helped stem a lot of violence.  Colombia did the same thing; both nations have seen crime rates fall quite a bit.

Thu, 03/15/2012 - 20:12 | Link to Comment akak
akak's picture

Actually, coca leaf production was never criminalized in Peru, nor in Bolivia, despite the best attempts of the ever-interventionistic US federal government to encourage them to do exactly that.

Thu, 03/15/2012 - 21:42 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 to each of you two.  Coca itself was never banned in modern Peru, I even saw a coca bush one in the high jungle (little scraggly thing).

Crime is DOWN here in Lima, the guy at the Casa de Cambio I go to when here told me so.  He said more cops helped (and probably more cops because the economy is doing well).  I hope Peru can keep pulling this off even with China in some peril.

Thu, 03/15/2012 - 22:01 | Link to Comment akak
akak's picture

Hey DoChen!

Wow, you only saw a coca plant ONCE in Peru?  I was frequently stumbling upon them in Bolivia, and you're right --- they are pathetic, scraggly-looking things that I would not have looked at twice had I not known what they were.

And all those curbside coca leaf sellers in LaPaz!  Do they have those in Lima or Cuzco as well?  Always with the leaves in those bright blue plastic bags, too ---- I wonder why.  Can't say I cared for my few attempts at coca leaf-chewing, though --- nasty taste, and my mouth and tongue just got numb.

Thu, 03/15/2012 - 17:05 | Link to Comment Sudden Debt
Sudden Debt's picture

Slv options hardly moved. I'm only going to go long at 28, 27 and 26.
And at whatever price, i'm loading up 60 ounces a month whatsoever of the real stuff.

Thu, 03/15/2012 - 21:02 | Link to Comment EBR MOD 0
EBR MOD 0's picture

Way to go SD, thanks to the cartel so the sale prices on real metal, none of that paper crap for me..

Thu, 03/15/2012 - 17:21 | Link to Comment Thomas Jefferson
Thomas Jefferson's picture

Might want to pick up some PVG.  In Bob Quartermain and British Columbia we trust.

Thu, 03/15/2012 - 20:33 | Link to Comment DosZap
DosZap's picture

spartan117

A WORD to the wise this time.

IS not like last time, ok to invest in the REAL DEALS,(known quanities) if you want to die broke invest in speculative miners, this trip is going to be far different than the last one.

Thu, 03/15/2012 - 16:55 | Link to Comment espirit
espirit's picture

Why wait on more QE?  The Banksta's doing fine and little more free money won't never hurt them.

Quite obvious who's running the show here, and it ain't O'Boomer.

Thu, 03/15/2012 - 16:59 | Link to Comment BKbroiler
BKbroiler's picture

I don't wanna hear anything until it's back over $1850...

Thu, 03/15/2012 - 17:03 | Link to Comment walküre
walküre's picture

$3.6 trillion

What butt are they pulling this out of?

When is someone calling them on the carpet for being absolutely grotesque and stupid? The money doesn't exist and just because they can create trillions out of thin air, doesn't mean those trillions are real and have any value or purchasing power.

This is GAME OVER, folks.

Thu, 03/15/2012 - 20:17 | Link to Comment Calmyourself
Calmyourself's picture

No its not game over. It is game over when you personally are in the street with 500K of your closest friends, then maybe its game over..

Thu, 03/15/2012 - 20:58 | Link to Comment John Wilmot
John Wilmot's picture

"What butt are they pulling this out of?"

That would be yours, mine, and the butts of all other holders of US dollars. They call this inflation. Try to keep up.

As long as there's capital in the dollar denominated world it can be expropriated via inflation. Sky's the limit. After the Weimar hyperinflation all of the mortgages in Germany were worth the equivalent of 1/3 of $.01. What does that mean, other than that there's no God? It means that the German central bankers robbed the holders of marks of damn near everything, like 99.99999999999999999999999999999999999999999999999999% of their wealth.

In short, the Fed has only scratched the surface. Bernanke says: "I have not yet begun to print!" "Print free or die!"

Thu, 03/15/2012 - 17:07 | Link to Comment bankrun
bankrun's picture

http://comments.cftc.gov/PublicComments/ViewComment.aspx?id=57019&Search...

From: Z A N
Organization(s):
JPMorgan Chase

Comment No: 57019
Date: 3/14/2012

Comment Text:

Dear CFTC Staff,

Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators. I am emailing you today b/c I know of insider information that will be damning at best for JPMorgan Chase. I have decided to play the role of whistleblower b/c I no longer have faith and belief that what we are doing for society is bringing value to people. I am now under the opinion that we are actually putting hard working Americans unaware of what lays ahead at extreme market risk. This risk is unnecessary and will lead to wide-scale market collapse if not handled properly. With the release of Mr. Smith’s open letter to Goldman, I too would like to set the record straight for JPM as well. I have seen the disruptive behavior of superiors and no longer can say that I look up to employees at the ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air just as pungently as rotting vegetables. They all know too well of the backdoor crony connections they share intimately with elected officials and with other institutions. It is apparent in everything they do, from the meager attempts to manipulate LIBOR, therefore controlling how almost all derivatives are priced to the inherit and fraudulent commodities manipulation. They too may have one day stood for something in the past in the client-employee relationship. Does anyone in today’s market really care about the protection of their client? From the ruthless and scandalous treatment of MF Global client asset funds to the excessive bonuses paid by companies with burgeoning liabilities. Yes, we at JPMorgan that are in the know are fearful of a cascading credit event being triggered in Greece as they have hidden derivatives in excess of $1 Trillion USD. We at JPMorgan own enough of these through counterparty risk and outright prop trading that our entire IB EDG space could be annihilated within a few short days. The last ten years has been market by inflexion point after inflexion point with the most notable coming in 2008 after the acquisition of Bear.

I wish to remain anonymous as of now as fear of termination mounts from what I am about to reveal. Robert Gottlieb is not my real name; however he is a trader that is involved in a lawsuit for manipulative trading while working with JPMorgan Chase. He was acquired during our Bear Stearns acquisition and is known to be the notorious person shorting in the silver future market from his trading space, along with Blythe Masters, his IB Global boss. However, with that said, we are manipulating the silver futures market and playing a smaller (but still massively manipulative) role in manipulating the gold futures market. We have a little over a 25% (give or take a percentage) position in the short market for silver futures and by your definition this denotes a larger position than for speculative purposes or for hedging and is beyond the line of manipulation.

On a side note, I do not work directly with accounts that would have been directly impacted by the MF Global fiasco but I have heard through other colleagues that we have involvement in the hiding of client assets from MF Global. This is another fraudulent effort on our part and constitutes theft. I urge you to forward that part of the investigation on to the respective authorities.

There is something else that you may find strange. During month-end December, we were all told by our managers that this was going to be a dismal year in terms of earnings and that we should not expect any bonuses or pay raises. Then come mid-late January it is made known that everyone received a pay raise and/or bonus, which is interesting b/c just a few weeks ago we were told that this was not likely and expected to be paid nothing in addition to base salary. January is right around the time we started increasing our short positions quite significantly again and this most recent crash in gold and silver during Bernanke's speech on February 29th is of notable importance, as we along with 4 other major institutions, orchestrated the violent $100 drop in Gold and subsequent drops in silver.

As regulators of the free people of this country, I ask you to uphold the most important job in the world right now. That job is judge and overseer of all that is justice in the most sensitive of commodity markets. There are many middle-income people that invest in the physical assets of silver, gold, as well as mining stocks that are being financially impacted in a negative way b/c of our unscrupulous shorts in the precious metals commodity sector. If you read the COT with intent you will find that commercials (even though we have no business being in the commercial sector, which should be reserved for companies that truly produce the metal) are net short by a long shot in not only silver, but gold.

It is rather surprising that what should be well known liabilities on our balance sheet have not erupted into wider scale scrutinization. I call all honest and courageous JPMorgan employees to step up and fight the cronyism and wide-scale manipulation by reporting the truth. We are only helping reality come to light therefore allowing a real valuation of our banking industry which will give investors a chance to properly adjust without being totally wiped out. I will be contacting a lawyer shortly about this matter, as I believe no other whistleblower at JPMorgan has come forward yet. Our deepest secrets lie within the hands of honest employees and can be revealed through honest regulators that are willing to take a look inside one of America's best kept secrets. Please do not allow this to turn into another Enron.

Kind Regards,
-The 1st Whistleblower of Many

Thu, 03/15/2012 - 17:13 | Link to Comment flacon
flacon's picture

+1

Smug. That is the impression I got from Blackrock when I worked for them, and the same for Merrill Lynch. 

Thu, 03/15/2012 - 17:17 | Link to Comment walküre
walküre's picture

With revelations like these, all fiat will be worthless by EOY.

All fiat is a shell game. Nothing is backing it. No controls over how much fiat is sloshing around the world. "Funny Money" is about the only label that all of today's fiat deserves.

When the run on physical PMs and all tangible assets begins in ernest, it is too late to react.

That $100 drop in POG on 02/29 was NOT a natural market move. It had to be orchestrated to suit Bernanke's speech.

I could care less what these vermin did all day and night long if they didn't have access to the money supply for the rest of the world that is fucking FORCED to accept their funny money!

Thu, 03/15/2012 - 21:11 | Link to Comment John Wilmot
John Wilmot's picture

...the feeling is mutual. They could give a fuck what you or the government do as long as they can print the only legal tender.

Thu, 03/15/2012 - 17:20 | Link to Comment Thomas Jefferson
Thomas Jefferson's picture

Good to see more whistle blowers coming out of the wood work. 

Thu, 03/15/2012 - 17:23 | Link to Comment Tenshin Headache
Tenshin Headache's picture

From that letter, I would conclude that someone's JPM short positions are not working out.

Thu, 03/15/2012 - 17:30 | Link to Comment tmosley
tmosley's picture

Tyler suggested that this was a fabrication or outright fraud earlier, as there was no accompanying evidence, just a rehash of information that is already public and assertions that have been made by numerous commentors in the sector.

Thu, 03/15/2012 - 17:33 | Link to Comment bankrun
bankrun's picture

Missed that... my bad.

Thu, 03/15/2012 - 17:48 | Link to Comment bankrun
bankrun's picture

How the f@*k did I get junked for admitting my oversight? Sorry I don't have time to sit around masturbating to ZH all day. My penis has real work to do.

Thu, 03/15/2012 - 18:28 | Link to Comment bankrun
bankrun's picture

Ah, I see what you've done there. I exptected nothing less.

Fri, 03/16/2012 - 01:14 | Link to Comment StychoKiller
StychoKiller's picture

Beat ya to it!  My penis already got a workout -- thanks babe! :>D

Thu, 03/15/2012 - 18:43 | Link to Comment trav7777
trav7777's picture

you couldn't tell that just by reading it?  I mean you needed Tyler to help you with that?  Seriously?

It was saying EVERY SINGLE THING you wanted to hear...basic smell test, morons.

Thu, 03/15/2012 - 19:42 | Link to Comment tmosley
tmosley's picture

No-one cares what you have to say.

Thu, 03/15/2012 - 21:03 | Link to Comment akak
akak's picture

Really, Trav --- I mean, the guy is just SO stupid, he simply must be dark-skinned, right?

I bet he has never even seen a wheel, or used a water system.  In fact, I bet he is running around chucking spears at lions and/or raping women even as we speak.

Thu, 03/15/2012 - 23:14 | Link to Comment trav7777
trav7777's picture

we can have this argument on the merits simply ANY FUCKING TIME YOU WANT to, akock.

Thu, 03/15/2012 - 21:33 | Link to Comment IAmNotMark
IAmNotMark's picture

You don't like trolls?  I think they're funny, in a sad pathetic sort of way.

Trav is just some poor slub that can't get laid.  He craves any sort of attention, and trolling here seems to be a favorite hangout.

Trolls.  Sad, pathetic, losers.  Hi Trav.

Thu, 03/15/2012 - 21:38 | Link to Comment akak
akak's picture

I had a brother who was seriously mentally, emotionally and psychologically handicapped, and who positively craved negative attention just as much as this Trav fellow seems to; the personality traits they share in common are remarkable.

Thu, 03/15/2012 - 23:13 | Link to Comment trav7777
trav7777's picture

mental retardation obviously runs in your family.

Thu, 03/15/2012 - 23:53 | Link to Comment akak
akak's picture

He was adopted, fuckface.

Were you perhaps as well?  And did you perchance have a twin brother, now long lost?

Thu, 03/15/2012 - 23:15 | Link to Comment trav7777
trav7777's picture

dude, I just made out with a 22- year old brazilian au pair chick LAST fucking night in the back of her fuckin minivan.  I have chicks lined up about every day of the week assuming I give a shit.

I know this really stings, dude...it does, I understand that.  I'm better than you.  I'm smarter, better looking, I'm better than you at what you do best.  And you fucking hate it; I get that.  But it is what it is.  bitching about it ain't gonna make it go away.  Say whatever you need to yourself to make you feel momentarily a little better; it's no skin off my back.

Thu, 03/15/2012 - 23:23 | Link to Comment IAmNotMark
IAmNotMark's picture

Wow, not only a pathetic troll, but a lowlife lying loser as well.

So you like to lie about your sex life.  Got it.  And you like to lie about your looks.  Got that too.  And you lie to yourself about how much 'smarter, better looking' you are.  Got that too.

I pity you, you poor thing.  Maybe you should do something to improve your pathetic life so you don't have to lie about how great you are to strangers on a discussion board.

Fri, 03/16/2012 - 09:39 | Link to Comment BigInJapan
BigInJapan's picture

No you didn't... No you don't... No you're not...

Know how I know? Because you crave this - you absofuckinglutely need it.

Thu, 03/15/2012 - 17:39 | Link to Comment Darkness
Darkness's picture

BAC putting a beat down on GLD and SLV over the past month. Thank god I bought it low, liquidated some of my SLV to get it. 

Thu, 03/15/2012 - 17:47 | Link to Comment distopiandreamboy
distopiandreamboy's picture

Anyone else puzzled at the unusual volume in GOVT and FLAT?

Thu, 03/15/2012 - 17:56 | Link to Comment nachtliche
nachtliche's picture

I don't consider a 0.9% gain outperforming in my book.. gold really hasn't been shining in recent months. 

Thu, 03/15/2012 - 18:30 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Give it time.  And have strong hands.

Or just go trade paper gold.  I´ll take the real thing.

Thu, 03/15/2012 - 20:39 | Link to Comment DosZap
DosZap's picture

nachtliche

Yep, and the reasons why?...............

Three, JPM, COMEX, and the FED..........................all other reasons are BS.

THEY cannot afford for the sheeple to awaken and see that PM's the PLACE they should be, otherwise that starts a flight from the USD, and they cannot alklow that, until people have NO choice...............wait, its right around the bend.

Thu, 03/15/2012 - 18:26 | Link to Comment billsbest
Thu, 03/15/2012 - 21:42 | Link to Comment Pete15
Pete15's picture

Gold & Silver will be best after the next big deflationary crash. China has to have a slowdown. Growth at 5% would basically be a crash. They have over built, they need a correction and a big one. Which is why they are getting more gold to protect against there currency going to shit. They will take down Japan with them as well. Now we have seen when risk is off the dollar will only go up. With a lot of risk is off the table since QE the dollar has increased greatly especially when other nations have been printing. Stocks are going up but the overall trend since QE ended is bonds and the dollar. Imagine when another crash happens, people will run to the dollar and bonds. For us we would think that gold will take over since no one can print it but people will turn to the most trusted and most liquid paper they can. We will all want dollars for that reason. Now what happens after that is anyones guess. Gold will be shot down by central banks, the Chinese will probably wait until the US starts printing to challenge the dollar by a gold backed currency or they will also print to encourage exports. Who knows. But one thing is for certain it is going to take a lot of printing to kill the dollar, much more than anyone could imagine. Its been the worlds reserve currency since WWII, the dollar is ingrained into people's minds as the safest currency. The deflation is looking to be so great that money printing after money printing hasnt stopped the trend of running to the dollar when risk is off. Why not have bonds and the dollar along with gold & silver. Maybe the likes of Hugh Hendry are wrong but it makes sense that hyperdeflation will come before hyperinflation. For the dollar to go into a massive inflation the the crash and deflation will be so great that gold and & silver could even tank massively. This could just be a very very long cycle of massive deflation, printing, inflation, bubble, massive deflation, and printing for years and years. Sure central bank balance sheets are growing but without that world assets would be shit, thats how huge the impeding deflation is. The market wants a correction and everytime we see a sign of it the dollar comes on top. Inflation here in America is getting bad and has been for awhile but nothing too extreme yet. Its frustrating to promote the dollar but during a big collapse we will need it. Just look at Japan they have printed and printed and still deflation. The precident for major economies is that printing wont do much except kill growth. Hyperinflation is a political event and until the public is that desperate dont expect hyperinflation until a big crash. 

Thu, 03/15/2012 - 22:59 | Link to Comment Excursionist
Excursionist's picture

Seems like IG and Govt credit markets were wrong the last few weeks, and equity markets were right (directionally).  Make a note of it.

Fri, 03/16/2012 - 01:48 | Link to Comment xtop23
xtop23's picture

Just finished writing the umpteenth letter to the CFTC regarding PM manipulation and the theft of MF Global segregated client accounts at the hands of JP Morgan.

Im sure like always it will be filed in the normal recepticle but one can always hope.

Maybe in the current whistleblowing environment someone with some balls will actually do something.

My guess is Id have better odds of being struck by lightning, while simultaneously hitting a game 7 world series home run, and curing cancer.

But ya never know /shrug

Fri, 03/16/2012 - 05:06 | Link to Comment hungarianboy
hungarianboy's picture

S&P up as Gold underpreform :-)

 

Since gold has begin dropping the S&P is up and would have give your more money in the pocket.

Keep dreaming about your nonsense gold. Paper money is the way to go folks and stocks.

The best hedge against inflation is buying stocks. See AAPL for example compared to gold.

I hear nobody talking about this. You are fooled! Only gold bugs are negative about the economy and papermoney but let me tell you this. As long as paper money exists and we pay with paper money Gold is going to underpreform from here on.

It is just a wishfull thinking of the gold bugs to let papermoney be gone so the goldbugs will have the pwer. well that can takes hundreds if not thousands of years before THAT would happen.

Oh and stop being negative. we have 90% employed. 

Fri, 03/16/2012 - 05:17 | Link to Comment akak
akak's picture

Did you obtain some small measure of satisfaction in posting that nonsensical pile of mainstream propaganda and bullshit, you dishonest troll and asswipe?

As for your unsubstantiated and laughable theses, let me just point out that your beloved stocks are DOWN in nominal terms over the past several years, and down on the order of 50% or more over the past decade in REAL (inflation-adjusted) terms, while gold and silver are up by roughly 350% and 500%, respectively, in REAL terms over the same timeframe. And that does not even  take into account the security they offer in the face of the inevitable governmental debt & currency collapses that are certain to take place in every Western nation in the coming few years.

So kindly go fuck yourself --- which you are apparently already doing financially anyway.

Fri, 03/16/2012 - 12:42 | Link to Comment xtop23
xtop23's picture

 +1 bravo

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