Germany Spoils Party After FinMin Says Second Greek Bailout May Need To be Revised

Tyler Durden's picture

Just hitting Dow Jones, another set of cold hard factual bricks for the bailout rumor brigade. From Germany's FinMin Wolfgang Schaeuble:

  • GERMAN FINANCE MINISTER: MAY NEED TO REVISE 2ND GREEK BAILOUT - Dow Jones
  • GERMAN FINANCE MINISTER: DOES NOT MAKE SENSE TO SPECULATE ABOUT NECESSITY FOR ADDITIONAL DECISIONS ON GREECE: RTRS
  • GERMAN FINANCE MINISTER: THE RECAPITALIZATION OF EUROPEAN BANKS IS NOT A MATTER FOR THE ECB BUT FOR MEMBER STATES

It appears the euro is now soaring on expectations of a rumor to refute this latest fact.

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Vergeltung's picture

(re the mis-spelling in the headline, channeling Al Sharpton):

 

"protest, we much"

 

EDIT: fixed fast. damn!  :-)

 

 

covert's picture

all of us are overdue time to take a stand in favor of individual financial responsibility.

http://covert3.wordpress.com

 

smlbizman's picture

is this why futures have turned upward?

HelluvaEngineer's picture

Right.  So let me get this straight - stawks are supposed to turn around this morning and silver can't catch a bid?  I'm sure copper will just bust a 180 at some point and gold/silver will just get taken to the woodshed again.

Dr Hackenbush's picture

on the notion that Dow 10K hats create jobs

lolmao500's picture

Silver getting MOTHERFUCKING SLAUGHTERED. Now at 32$!

pods's picture

No, it just went on SALE!

pods

disabledvet's picture

Makes you wonder what else is gonna go on sale here.

Comay Mierda's picture

two possible outcomes

1) central banks let all the banks fail and depositors lose everything - silver and gold will take a shit

2) central banks launch TARP2,3,4,5, etc.+ QE3,4,5,6,etc. - silver and gold take off to the moon

play both sides. buy puts on the banks and buy phyz gold + silver

Bastiat's picture

central banks let all the banks fail and depositors lose everything 

And what do you think will be the value of their currencies when that happens?

Comay Mierda's picture

less money in circulation = deflation on everything bitchez

Bobbyrib's picture

The smart money still runs to gold in economic uncertainty.

Bastiat's picture

That was true when currency was money because it was gold & silver.  Money is now nothing when the debt behind it collapses = end of fiat regime.

Bobbyrib's picture

Gold will take a shit on bank failures? There is a reason (not a logical one though) Roosevelt outlawed gold ownership in the 30's.

Smiddywesson's picture

2) central banks launch TARP2,3,4,5, etc.+ QE3,4,5,6,etc. - silver and gold take off to the moon

Under the rule of reverse logic, this would lead to lower PM prices because it would provoke an attack by central banks.  I know PMs should go up, but they should have risen upon the SNB peg too, and they didn't.  Surrender to the dog god of reverse logic all PM bitchez.

disabledvet's picture

Central banks take all gold in nationalized institutions. Have a nice day!

lynnybee's picture

a lady can never have tooo much gold & silver !    great, on sale, i'll buy more .      ( thank the ZEROHEDGE people for teaching me correctly. )

CClarity's picture

Not in Aussie, Looney or Euro.  Watch oil too.  You're dollar focuses, not saying that's inappropriate cuz that's probably what you own it in, but it isn't in death throes everywhere today.

lolmao500's picture

Wrong. Silver in loony : -8% at 33.88$ down... another 8%.

achmachat's picture

you mean not that "much" in Euro...

in 48 hours the equivalent of a Lotus Elise just went up in smoke for me. Lucky for me that my silver is for a very very long timeline and I wasn't expecting to liquify it any time soon... 

Smiddywesson's picture

Exactly, and that's why I held back cash for my son's college expenses.  Physical is very dangerous if you are forced to liquidate at the wrong time.

I closed my paper, and still love my physical.  By the time this is over, it will be worth a lot, and anyone without physical will be poor.

disabledvet's picture

Start a solar panel mfg..."thingy" since "you have all that silvery stuff." That should net you a couple hundred mill. Make sure you an exit strategy tho!

Robslob's picture

"all your Euros belongs to us"

lolmao500's picture

THE RECAPITALIZATION OF EUROPEAN BANKS IS NOT A MATTER FOR THE ECB BUT FOR MEMBER STATES

 

Yeah well Switzerland is screwed then since the banks are worth 394% of GDP.

walküre's picture

Gold and silver on sale for Americans!

Spread the word.

SheepDog-One's picture

Markets shrug off terrible news, expect release of rumor to refute 'no bailout for Greece'....back to carrot and stick world economic driver!

walküre's picture

The bailout of Greece is NOT a done deal. Never was. Germans disapprove with 80% majority to be hog tied to the sinking ship.

Greece will default officially before Christmas. One US bank will implode over that for sure holding the counterparty risk on the CDS to Greek debt.

SheepDog-One's picture

Of course Greece is not going to be 'bailed out', did I say otherwise?

disabledvet's picture

Christmas? I thought the "formal" (never to be announced)...is it a bankruptcy?...would be finished by today.

oogs66's picture

its the end of the euro as we know it

disabledvet's picture

You mean as we "no it"...as in "would you like a euro?" and you say "no."

Cassandra Syndrome's picture

Must have been a telephone conference call. That would explain the rally.

pacdm's picture

when will this all end? soon i hope, its all one big joke

 

SheepDog-One's picture

This is the part Hal Lindsay warned about where the Central Banksters would chase gold and silver bugs out of their holdings, right before the big collapse.

TradingJoe's picture

THIS WHY HOLDING PHYSICALS AND NOT PANICING IS A MUST!

Treason Season's picture

Spelling Police! Freeze TJ!

And stop panicking!

Vincent Vega's picture

Sheep, I'm guessing that a lot of the downward price action in Au/Ag is being done by models that the hedge funds use. ie...as markets change the models tell them to allocate more (or less) to a particular asset. I have a hard time believing that the price action is coming from people like you, me, et al that are going to local coin shops and selling. Or put another way: it's just the paper players.

SheepDog-One's picture

Yea its such a tiny market by comparison, I think its impossible people going into coin stores are causing -20% drops.

HelluvaEngineer's picture

I keep thinking we'll hear some coordinated central bank stupidity this weekend (or soon enough)

dclaz's picture

Who is selling though? And in such large quanitites?

RealFinney's picture

All i can see from that article is that Soros has sold pieces of paper and bought companies that produce lumps of gold.

walküre's picture

Just google "George Soros selling gold" or "George Soros sold gold" and you get hundreds of links

http://www.prisonplanet.com/why-is-george-soros-selling-gold-and-buying-farmland.html

Jim Rogers take on that.

http://www.youtube.com/watch?v=9LXllftxlyw

RealFinney's picture

<== Soros actually believes Gold is no longer a good asset to hold and is making an ordinary moving into other areas.

<== Soros is concerned that Gold ETFs are ephemeral paper that isn't actually backed by anything real, and is quickly switching into physcial assets like Mines and Farms before the ETF Ponzi Collapses.

RSloane's picture

They almost have to. Its just another last desperate lurch to maintain their power.

Dick Darlington's picture

Heard a rumor of yet another idiotic Medley report doing rounds saying ECB should buy bank debt. My take is that ECB can do what ever the idiots want to extend the ponzi for a few monts and wipe their asses again with the Lisbon treaty but they can do it without Germany. And without Germany, well, there's no euro.

Ancona's picture

Fuck 'em and feed 'em fish heads.

This is probably going to be the last buying opportunity in PM's for some time to come. Blythe and Da Boyz are having their fling, but in the long run the fundamentals really do still exist. The demand for physical silver is outstripped by available supply, and the number of people holding paper promises cannot change that.

Pass me the bong please, I'm going to smoke up the last of this hopium.

ISEEIT's picture

This is freaking silly. Risk on???? WTF! Gotta be expectations of a pending FT/National Enquirer piece due out soon?

walküre's picture

Not according to VIX. "Risk On" is not going to happen unless we hear that the Fed will print, print, print.