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Foreigners Dump $74 Billion In Treasurys In 6 Consecutive Weeks: Biggest Sequential Outflow In History
Over the weekend, we observed the perplexing sell off of $56 billion in US Treasurys courtesy of weekly disclosure in the Fed's custodial account (source: H.4.1) and speculated if this may be due to an asset rotation, under duress or otherwise, out of bonds and into stocks, to prevent the collapse of the global ponzi (because when the BRICs tell the IMF to boost its bailout capacity you know it is global). We also proposed a far simpler theory: "the dreaded D-day in which foreign official and private investors finally start offloading their $2.7 trillion in Treasurys with impunity (although not with the element of surprise - China has made it abundantly clear it will sell its Treasury holdings, the only question is when), has finally arrived." In hindsight the Occam's Razor should have been applied. Little did we know 5 short days ago just how violent the reaction by China would be (both post and pre-facto) to the Senate decision to propose a law for all out trade warfare with China. Now we know - in the week ended October 12, a further $17.7 billion was "removed" from the Fed's custodial Treasury account, meaning that someone, somewhere is very displeased with US paper, and, far more importantly, what it represents, and wants to make their displeasure heard loud and clear. Whether it is China - we do not know: we may have a better view in two months when the September/October TIC data hits, but even then it will be full of errors, as Direct Bidder purchases by the UK usually end up being assigned to China at the yearly TIC audit. And the sellers know this all too well. What they also know is that over the next few days (or weeks - ZH tends to be a little "aggressive" in its estimates for popular uptake), as soon as the broader population understands what has transpired, concerns about the reserve status of the greenback will start to resurface, precisely as many have been warning. And what has happened is that in six consecutive weeks, foreigners have sold $74 billion, or more government bonds in a sequential period of time than ever before.
So... perhaps it is time to reevaluate US intentions for a trade war with any of its "evil" mercantilist, UST-recycling partners. Unless, of course, they want $74 billion to become $740 billion, and to force the Fed to have no choice but to intervene, only this time not with a duration sterilized procedure, but one where the Fed has to buy everything that China et al are selling.
On the other hand, judging by the traditional reaction of various precious metals to this kind of fiat suicide, perhaps it is not such a bad idea after all...
Total holdings in the Fed's Treasury custodial account and weekly change:
Trailing 6 Week Cumulative Total of custodial account Treasury flows.
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Timmayyyy get on the phone with Hewlett Packard and order a new round of printers!
from greenspan himself circa 1966
Under a gold standard, the amount of credit that an economy can support is determined by the economy's tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government's promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. They have created paper reserves in the form of government bonds which — through a complex series of steps — the banks accept in place of tangible assets and treat as if they were an actual deposit, i.e., as the equivalent of what was formerly a deposit of gold. The holder of a government bond or of a bank deposit created by paper reserves believes that he has a valid claim on a real asset. But the fact is that there are now more claims outstanding than real assets. The law of supply and demand is not to be conned. As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy's books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by bank credit expansion.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.
Contents | Text Version
Who needs foreigners when you have BEN-52 carpet-bombing the treasury market?
Shit ----> Fan.
Buckle-up.
Biggest bubble ever. Is it finally ready to pop?
hate to say i told you so bitchez
http://azizonomics.com/2011/08/31/chinas-endgame/
so it has begun...the snow flake that will turn into an avalanche has already landed on the snowy slope.
yet, the sheeple party like it's 1999:
http://www.uefa.com/uefaeuro2012/index.html
I think Homer says it best...
http://www.talkingwav.com/homer/homer_04.wav
lucid bubbles, baby
lurid bubbley, budy
Grab a poncho first
A Mexican poncho or a Sears poncho?
Sears poncho, no foolin'.
Kitler: decorum, please.
FÆCES -----> WHIRLING BLADES.
OSHA-approved crash helmet
Rosary (optional).
Fewmets -----> Windmill
I keep mentioning it over and over again on zero hedge that if foreigners aren't buying our treasuries, then who is? It's the printed money by the Federal reserve.The problem is that if they can keep our interest rates on our US Treasuries at rock bottom by buying them, and that they have this much control over our Treasuries, then they can very easily crash our bond market as well whenever they decide to. They are not on our side, but on the side of evil. Please beware of the person in the drivers seat. He can crash the vehicle anytime he wishes. I can't emphasize this enough.
Quantitative Easing my friend, the FED is buying Treasuries, which are essentially worthless paper securitizing the other worthless paper we call Federal Reserve Notes. Fiat paper money substitutes backed by fiat paper Treasuries, which are in turn backed by the fiat paper money substitutes, which are backed, by get this, the Full Faith and Credit of the United States of America. Hmmmmm...nothing like honest money is there?
It's almost as good of a scam as the Social Security Trust Fund, which doesn't have a single dollar in it, only very special government securities. What makes them so very special? They are unmarketable securities...can't be sold. More fiat paper, worthless substitutes for assets.
In a very real sense, the monetization of debt was a stoke of genius, it allowed the governments of the world to operate well beyond what they would have been able to do on Sound Money. All fiat currency, being double liabilities are a wonder to behold, especially when the system is dying. Too bad so few understand that gold, and silver, are double assets...it makes all the difference in the world when it comes to monetary potency and economic health.
Do you smell it? The fish is rotting from the head!
Republicae...
"In a very real sense, the monetization of debt was a stoke of genius, it allowed the governments of the world to operate well beyond what they would have been able to do on Sound Money."
No expanding empire can function on a sound money foundation. Up front money is needed to start a war and a great deal more money is needed to fund long multi front wars.
Greenspan's comments about welfare statists aims and fiat vs gold were good as far as they went. What Greenspan did not address was the need for fiat currency/gov bonds to finance wars. History shows that countries with sound money switch to fiat quickly in wartime.
Empires and fiat currencies go hand in hand.
Excellent point SW.
Fiat is the enabler of empire. Or rather, debt is, but Fiat makes it all go around.
ORI
And a corollary argument is: All empires require fiat. The expansion of fiat is always a self-limiting and ultimately-doomed exercise -- ergo all empires are self-limiting and ultimately doomed.
Another corollary is that fiat is the death of the Republic.
The Powers do not need to even simulate democracy if they can create their own 'money', and force us to accept it.
My point exactly. Without fiat, the government is limited and thankfully so. The fact that during war many countries have, in the past, resorted to the suspension of specie, is indeed evidence that while sound money does restrain, the necessity for even more restraint is needed. The lack of public understanding, or perhaps the gullibility of the public is also a factor that allows government to go beyond the law, suspending specie in order to fund its wars, wars that are usually purely interventionist in nature and rarely defensive.
I am heartened others understand the basic thing.
Without unbacked fiat, there would be no money for wars or welfare. We need to decide.
"Foreigners:" Does that also include that El-Arian chap at PIMPCO ?
He is only 42% foreign to me, but his name sounds 100% foreign to most people.
42%? Three-sevenths? Apparently one of his great-grandparents was a hermaphrodite? Christ, what amazing info you can get on ZH. I f'ing love this site!
T thought that was an airline!!!
Good. Thank you.
HEY! (leaning in trying to hear over party noise) FANCY MEETING YOU HEAR! COOL PARTY UHH! ILL BUY YOU A SHOT!
Too bad Greenspan sold his soul.
Greenspan, was bought and paid for...he'll rot in Greenbacker Hell.
Whatever he got for it was more than it was worth.
Ayn Rand got to him. He started to believe in the always convenient lie that market participants are self-governing and always operate in the interests of self-preservation.
...that is until Greenspan gave his famously pathetic "I found a flaw" speech to Waxman. At which point, Greenspan's career should by all rights have ended -- and he should forever have been remembered as a fraud of historic proportions.
But along with accounting standards, capitalism, constitutional democracy and other extinct concepts -- we have also retired the concept of failure.
Who the heck reads that quote, looks at Greenspans actions and red flags this comment?? Clearly the Stasi has penetrated this freedom cell..
Now and then I do. By mistake. Sitting on the porcelain throne, reading ZH... with the f-ing touchscreen phone you need to be very accurate to vote up, missing the down arrow. I'm not saying I downed this exact comment, but it happens every so often.
Just a theory.. But what if, just what if, this has all been Greehspan's plan to implode the system so we can return to a gold standard and kill the banks?
Bix Weirs theory.
This could also be attributed in large part to EU banks. Just yesterday they announced they would not seek capital in the markets but through liquidation. Since they announced their strategy yesterday it means they had already largely made the moves.
Written in 1966 Allen Greenspan....Just wondering exactly who, by name or organization, are these "welfare statists"? If I got any understanding at all, that be the enemy.
Circa 1966, Greenspan was a follower of Ayn Rand. Rather than writing a lot here, I'll just direct you to her body of work for the answer to that question- she used that exact term extensively.
Unfortunately, because Greenspan spoke out in defense of free markets, then actually in action supported corporatism and the Federal Reserve ponzi, many people are now confused between the two. Thank you Greenspan, for not only selling out your soul, but also doing it as a corporatist under the guise of a free marketer.
ATLAS SHRIEKED: Ayn Rand’s First Love and Mentor Was A Sadistic Serial Killer Who Dismembered Little Girls
well her birth name was rosenburg or some such, jews love goy killin joo serial killers.
Notice how we are now poised to carpet bomb Iran because it is selling its oil without accepting the Federal Reserve Note? Notice the internal combustion engine has been under your hood for over 100 years when every other piece of technology has changed on planet Earth? Notice the private Federal Reserve Bank has been sub-contracted by the Congress for 100 years to run our money? Notice the "RESERVE CURRENCY "to die for is the Petro/Dollar worthless fiat authorized the Congress who have abrogated their right and duty to "coin and regulate" money? Notice how oil is measured in dollars not gold? Notice any monumental criminality here? Notice the plan below to stop this here and now;
http://www.zerohedge.com/print/365866
Don't worry. I'm sure Geithner will release a statement any minute that there's absolutely no risk of China and others dumping Treasurys. Problem solved.
Good God, NOOOOOO!!!
That would pretty much guarantee that it was Fuckin' On like Donkey King Kong.
...yes...it's all so clear now........watch more television, and avoid panic buying....now I understand...
I have been telling my fellow zerohedgers for a while that US needs China more than vice versa - and that China at some point may choose to dump its $3TRIL $US paper.
Well, here it is, the warning - and the proof. US is going down - in a short mattter of time.
Wasn't it a few days ago that bernanke gave bonds away to a sold out crowd?
just as a snakeoil salesman has his friends "buying" from him frantically, thus the idiotic fools who believe they are missing out on a wonderful product gladly exchange their silver schillings for a flask of putrid rat oil.
More like cotton :)
But but but...USA is SAFE HAVEN! Even JESUS would DEPOSIT! USA! USA! USA!
Uh-oh. What if the black swan is not the well telegraphed EU crisis.
What if it's Asia. Where China's growth is slowing (imports and exports less already) and then BANG - flooding in Thailand, Vietnam, Philippines which are less able to afford natural disasters (or man-made ones) than Japan, and very dependent on their wagon being hitched to China's growth machine. Just sayin . . .
Real floods in Asia cause liquidity crisis in the US and EU. That is poetic.
Nice connect!
Ala "Let them eat rice CAKE" even though rice crop is being wiped out. Who will rally? India? Russia short on grains. Japan can't help. Australia? Maybe.
"Let them eat plastic rice CAKE"
There..............fixed it for you...you're welcome
A black swan, by definition, isn't well telegraphed, it's what you never thought could happen. No matter how bad Yurp gets, we know where it's going - so it can't be a black swan, just a really nasty normal swan.
Whether your other senario is the one, I couldn't say. Possible. It's prudent to plan for the unexpected.
It's mostly whiney losers who say things like "well, can't pay the rent because the car unexpectedly broke down, or the kid got sick". Shit happens, all the time, and to everyone. It's calling yourself stupid to say you don't know that and didn't plan for a little bit of shit to happen.
As usual, you're mostly right, DC-
I'm only replying to remind you not to harden your heart entirely. While it's easy to sit up on the top of a hill and cast down your judgement, it's important to remember that breaking the bias you have been imbued with since birth is not something that most people can do- and even those of us that do it are left with remnants.
Some things just can't be planned for, and I suspect you know this. That is where compassion, rather than a fist, is called for. If we forget that, there isn't anything worth fighting for. I spend a lot of my time these days extending a friendly hand to those whose past behavior is objectively repugnant to me, in the hopes that they have seen the errors of their ways. Sometimes that charity clamps down on me until teeth hit bone, but the times when it wakes up another soul makes those missteps worthwhile.
One good lieutenant is worth taking a beating from a whole pack of wolves for- it's worth nothing to live alone on a mountain of gold, and you know that.
No good deed goes unpunished...
that is an old saw and a comment on human nature... just the way life usually turns out.
No. That's just theory. Taleb himself admits that in practice there are always winners who saw it coming. China dumping treasuries, gold rocketing to the moon, and the failure of the USD are black swans to most, and yet these events will not come as a surprise to anyone on this site.
You also might want to consider from your lofty perch that a lot of people who you call "whiny losers" are really victims of a society that educated them on the life of Harriet Tubman rather than provide them with any education on finance and money. That goes for their parents too. This society has done everything to impoverish them and despite working hard with two incomes a lot of people are living on the edge of survival. Did they create inflation? Did they bust the housing market? Did they create the tax system, or the banking fees, or the hidden taxes on their cell phones? How about health care, you know, the primary cause of bankruptcy?
Putting moral labels on people for being unable to wisely handle money is like laughing at a little kid because he can't ride a bike. Most people can't handle money wisely. That's the way it is, that's the way it always has been. People who do so think they are smarter or better than most, and maybe they are, but they should also consider that this moral labeling of the poor is a tool used by TPTB to coax useful idiots into supporting TPTB.
Who is Jesus?
Mexicans call him Chuy
Jesus was the Jew who supported the Biblical teaching that the love of money is the root of all evil. If you consider this concept on a very deep level, I have found that it holds true for virtually every offense except crimes against persons, such as, rape. All other social injustices can be condensed to the love of money. Sorry folks, just a rant.
So that's why gold is down as of now
I thought it was the love of money for money's sake.
the love of other peoples money
stomach-money-power-Power over another man's stomach...
Francisco D'Anconia was wise in advising anyone who cared to learn from him to run away from fools like you.
Money is only a tool. It's POWER what's at the root. And when money goes to zero, like it will in a few days time...power comes from the barrel of a gun.
You're the fool. Big pharma doesn't push useless drugs for power. They do it for money. Lawyers don't oversharge their clients for power. They do it for money. Politicians don't take bribes for power. They do it for money. That's why when they leave governemnt they get money-making jobs afterwards. Pimps don't beat their whores for power. They do it for money. Lloyd, jamie, et al don't lie, cheat and steal from each other and everyone else for power. They do it for money. Money equals power, but power doesn't always equal money. EVERYONE WANTS MONEY....just like God said they would.
Nay, is the same, for the money is traded for power. More money = more power.
Jesus, who many of us believe is God, speaks in truths alone, and men have spent centuries uncovering the layers of truth embedded in his every utterance. The "root of evil" being one. Money, real money, in other words gold, silver, non-perishable or at least long-lasting commodities are a store of value, and this is where the evil starts. Hunter-gatherers entered the agrarian age and had something to save, protect, guard, insure, loan, transport, tax, and on it goes. Money is a Pandora's box.
Not saying Jesus was against money or civilization...He readily acknowledged the world is, by design an evil place.
Money, arising in a world of scarce resources, as a way of working for/storing/and obtaining those resources voluntarily through exchange.
The other option being by force.
When force is used to obtain money or control money, it is not money that is evil. It is the fact that force is being used to control (here's where the power comes in) resources.
The world is evil because resources are scarce. The world would be all rainbows and unicorns if money were not necessary to signal the value of resources because resources were abundant and unlimited. However, resources are not. Prices signal the subjective valuations of individuals and therefore control allocation of resources. If someone steals your food, food is not evil. The person who stole it is. If someone steals that with which you buy food, money, then money is not evil. Money is just a substitute for resources. Resources are not evil. Evil actions arise when goods are stolen. It is the thief who is evil.
Money is the power that signals value in a market. If not for money, pure force would be the way resources are obtained. Which is more evil, then?
Jesus...readily acknowledged the world is, by design an evil place.
"love" of money, deceit, vanity, the 7 deadlies...all of it used to gain advantage in this world, this transitory Life which passes away...
A Christian was warned (before "Prosperity Evangelism" anyway) to "Keep your eyes on the Prize"...
"I am but a Stranger Here. Heaven is my home"
Power never comes from a barrel of a gun.
Power is what makes those whose lives are expendible to the powerful pick up those guns. Power comes from the mind, and it's ability to influence others.
Hey-Zeus == Choo Choo (from Top Cat).
What did he know?
When did he know it?!
donsluck,
Well he's either your Hispanic cook, or gardener, or your only ticket out of this world.
Take your choice.
he should offer more virgins in the afterlife than the other dude
My gardener? (Ok, 'landscaping guy'.)
Just so some other jackass doesn't get the chance to say it,
Bullish.
Bitchez!
Tee hee! That brings the count up to SIX idiots who were just dying to say it. So many of you abjectly uncreative herd-following ass hats, completely incapable of generating even so much as a single original thought--there you go zh, I've just discovered a fail-safe contrarian indicator : )
that is a lot of billions.
Wonder what it would look like in cash.
Imagine a twinkie. Now imagine a twinkie ten miles long, growing at the rate of 1 cubic mile every thirty days or so. T'is truly an enormous amount of oil-based cream filling.
I have GOT to remember not to come here when I've got the munchies.
He got to me. I happened to be stopping by the store after reading this, and I indeed acquired the lucious, golden spongecakes.
Got to enjoy them before they're no longer available and the remaining stock is eaten by post-financial-apocalypse zombies.
Cue Carl Sagan from 'Cosmos', as he gestures at a star-filled night sky -- "..billy-ons and billy-ons.."
that was 1980 man...
"TRILL-ions of ephemeral bank notes Der-ifting through the interstellar gases"
bullish
Too late
IMO, it could be bearish for equities. If the massive bond selloff is problematic for the US TPTB then they could create a beautifull flash crash in equities to shit scare investors back into the US T-bond safe heaven.
umm, who are these investors and why are they so stupid?
Bond run bitchez
Then who is buying these Uncle Gorilla notes hand over fist, driving yields on the long end of the curve down to 50-year lows?
Must be Uncle Gorilla himself.
Don't they call that "cannibalisim"??
LOL....
No, the correct name is Ponzinomics. Liar Ben is head of the department.
Ponzinomics -- That's a good one.. Will have to remember.
Gee Robo maybe its like Ive been telling you for months replying to your wild-eyed posts about how great bonds are....when youre getting new credit cards to pay on your other maxed out ones, youre fucked.
not really.. he who spends the most wins, not he who pays the most back - eventually one oz of gold will pay off all your debts so why do you NOT want to spend as much fiat credit as possible??
He who dies with the most toys wins.
Once the fed starts buying treasuries, it will have to buy them all.
It is Ouroboros, chomping on his own tail...
Also spelled -- Uroborus. Add an E -- EUroborus? ..... Co-incidence, or more? You be the judge.
Wouldn't have anything to do with the massive run up in the stock market would it?
There was a 'massive run up in the stock market' when did I miss that? I just pulled up a chart and the DOW sits at 1999 levels.
May I suggest new rules for fundamental stock valuation?
1. Any company that does not pay, nor has any set timeframe for paying dividends, should have a stock price of zero.
2. Stock price is to be determined by the future expected payout of dividends as projected from past payments to stockholders, or by discounting expected future payments.
If I owned a company and only made money when I sold it, was I ever making any money?
That's the problem with this stock valuation bullshit.
tick... tock... carve the mother-fucking rock.
DOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOM!!!!!!!!!!
how's that for going "outside the box"?
fucking effective
LLLLLLLLLLLLLLEEEEEEEEERRRRRRRRRRROOOOOYYYYYYYY JJJJJJJJJJJJJJJEEEEEEEENNNNNNNNNKKKKKKIIIIIIIIIIINNNNNNNNNNSSSSSSSSSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Maybe they are using the monye to buy stocks!
Maybe,ezt...
maybe its phyiscal PM's.....
they seem to be holding thier own against the onslaught of margin hikes....
I don't know how smart it is to be buying stocks at a time when global markets are contracting.. how many iPods are needed by an unemployed populace?
Soon they will be given out for free, like the cell phones.....and they'll use taxpayer dollars to advertise them on tv
Or lead ...
(too?) simple explanation: european banks need the cash, and they sell the bonds they have to obtain it.
Chinese announced several weeks ago they'd be selling treasuries to buy prime us equities like apple---don't see any reason to doubt it
Gee you'd think China could have identified buying apple a few hundred points lower might have been the real good prime trade?
Might as well nationalise your best brands. ;)
selling treaurys, yes, probably, s it is a fact. But buying stocks ? This is an intention, actually a justification, and as long as I don't see it, I won't believe it. The dollar cash could also be scarce in China,for example in its banking system. I'm still waiting to act on this, but consider go very long the dollar once the cash has been raised...
Unintended consequences are a bitch. Yanks and Brits start whispering Eurobanks are short of cash. Euros start wondering where to get more cash...they got some Shiny Yank Bonds! BINGO!
Anything with 'Made in the USA' on it should be dumped immediately out of moral principal.
Lets see, there are New Balance running shoes,,,,,,,and, and,,,,,,,,and that is pretty much it.
Not really, people forget that only in 2010 did China surpasse USA in manufacturing. We still make lots of stuff........
Take a look here: http://www.americansworking.com/
Cool site. I'm gonna start shopping for products from there.
hope that's not all. i have the same list for products from bulgaria LOL
Since almost 50% of the population is poor enough to not pay taxes, where do you think they'll shop? Let's compare:
$62.20 for Made in USA CD-R's or
$24 for Made in NOT USA CD-R's
I'm not saying it's right or wrong, just stating the fact.
http://www.mam-a-store.com/mam43992usa-50.html
http://www.staples.com/Staples-50-Pack-700MB-CD-R-Spindle/product_452555
Well you migh consider the humans that were involved in $24 model are either in prison or dead. It's ok until it affects you I suppose.
These two items are not comparable. The made in the USA is a printable disc. Whereas the other atricle is just an ordinary crap CDR.
What you should be comparing is:
http://www.staples.com/Staples-50-Pack-CD-R-Printable-Spindle/product_59...
http://www.mam-a-store.com/mam43992usa-50.html
bookmarked. thanx
What do you have against US manufacturing?
You think US citizens have too many job opportunities or what?
If anything, end the Fed out of moral principle!
yeah and also for moral principle
@ FunkyMonkeyBoy who said:
Anything with 'Made in the USA' on it should be dumped immediately out of moral principal.
Does that include your avatar?
I wish PMs could make a move, it has been pretty boring lately.
It seems that the same manipulation that has held silver steady is now being applied to gold, not up or down much, just sidewinding forever......
I needs me some new walking shoes...
i think its safe to say your move will happen overnight and it will be the BIG ONE!
From your post to God's ears!
Consolidation at these levels is not a bad thing. It was going up too fast, too soon. Look at the trend line. 1630-1650 is about right. 1900 was way off the mark. Patience, friend.
Are we there yet? Huh? Are we, are we?
Actually better if we do not get a run up this year. At year end, plan on buying a bunch more.
Still, $1,900 was fun!
Me too. Somewhere shortly after New Years, planning on cashing out 401K.
While I agree in principle, the current world financial situation is far too screwed up for gold to be as low as it is -- I think what we're really looking at isn't consolidation, but active management to create room for more sudden jumps upward without setting new records.
Of course, as has been noted many times here, they're rapidly using up the dry powder on this manipulation. When AU launches it's going to be a sight to behold.
We're getting closer. Charts like the one above make that abundantly clear.
Consolidation at these levels is not a bad thing. It was going up too fast, too soon. Look at the trend line. 1630-1650 is about right. 1900 was way off the mark. Patience, friend.
Agreed. But I liked $40/oz for Ag- it's undervalued right now.
legal eagle
You will get your MOVES,and if the EU melts down, you won't like the results.
Reserve Currency status has thus far saved the US's ass.When ever that ceases for real, or in global minds......best be buckled up,HypreInflation, #1,and civility will be a word in the dictionary here.
They'll make their move. In the meantime, cherish the boredom while it lasts.
Escalating, the Trade Wars are.
Hey. Where did Shemp go?
I try to think ... but nuthin' happens.
You rang? Oops, wait, that line belongs to Lurch.
No worries... the 'Super Committee' will sort this out
You think i'm kidding???
I listened to a Senator on that cackling pile of worthless garbage, CNBC, today. He simply couldn't wait, and had every faith in, the Super-Committee leading the country to the promised land.
Ok you might think you've got a Congress to sort out all the problems they were elected to do but no. They've failed... miserably
Ok you might think you've got a Senate to sort out all the problems they were elected to do but no. They've failed ...miserably too
Ok you might think you've got a US President to sort out all the problems he was elected, and promised, to but no. He's failed ...fuking miserably
So 3 political bodies, not to mention 300 Committees of 'wise men' (corrupt useless over-paidold farts), and this Senator who was elected to do something have all failed. So where do these 4 'Super (Committee) Men' come from that can shine new light on the problems where the miserable failures of the Congress, Senate and President have failed?
Er, that'll be the House Speaker, a Republican and a Democrat and ..well who cares... it's the same bunch of losers, a selection of the same failed wasters, the same leaderless blind retards that got themselves into this mess. 3 political bodies fail completely and they expect a silk purse to come from the 4th attempt (same genetic strain of pigs ear).
This Super-Committee is the most shambolic application of Lipstick on Gods earth... this clueless Senator was moronic to the point of being insane, a pretty typical guest on CNBC
I saw that and wanted to drive his teeth down his piehole
i was dumbfounded at the dumbness (!) of this bloke ...the lunatics have taken over the asylum, and they haven't got a clue what to do!!! ...words fail me, the Senator was sooooooooooo fuking thick
Ohhhh gooodie, a chance to watch a dumb senator...I tire of watching the smart ones.
Any chance for a link or the senators name?
Wesley Mouch.
Shrug
Wesley Crusher?