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Gold Matches USD Weakness As Silver Jumps
Equity and credit markets traded in a narrow range with late day ebullience (as VIX collapsed but we note implied correlation did not) pushing them to marginally new multi-month highs and tights respectively. The markets tracked one another very closely as did HYG (the high-yield bond ETF) but into the close HYG sold off quite notably (relative to the day's action). Financials staged a late-day advance (responsible largely for the move in the index along with Energy names) as average trade size picked up right at the end suggesting covering at the end. The relatively calm in equity, credit, and FX markets (especially post Europe's close) was not at all evident in the commodity markets where Silver jumped dramatically (up over 8% on the week) while Gold gently pushed higher (+1.7% matching USD's weakness on the week). Oil was the week's biggest loser (down 0.5%) as Copper clung to 3% gains on the week. Treasuries ended the week at their high yields (30Y +19bps) with the curve considerably steeper (and 2s10s30s up nicely) which supported risk assets broadly as opposed to oil's weakness (and stability in FX carry pairs) which did not.
Commodity divergence was the theme today as Silver took off and oil did not. Ever get the feeling that as much as they try to pressure one market down or up, that liquidity squirts out somewhere...
FX markets ended with the EUR 2% higher vs USD on the week, JPY unchanged and SEK a notable winner up 3%. AUD rallied today vs USD back in line with USD overall weakness on the week.
but equity and credit markets stayed in very close proxiomity as risk was clearly on. Stability in the last day or so (amid rising average trade size) may suggest we are topping but any good news on the Greek PSI deal (no matter how totally spun it is) will probably lead to a pop given perceptions of downside risk here (and we note that the continuous ES is very clsoe to seeing the 50DMA cross above the 200DMA which is sure to garner much attention once it does). The late-day jump in financials and dump in vol may reflect mostly options run offs but its tough to fight this tape - even though the number of canaries in this coalmine continue to rise.
Charts: Bloomberg
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Don't worry about it.....soon enough there won't be anything in the stores to buy - problem solved.
won't buy me anything at the store because they won't accept it as payment, and I can't eat it. What good has it done me?
Isn't that the point?... At least for now...
The GLORIOUS day will be the one when they don't want your dollars...
It is about to be on like DK. Gonna test 1040 in the next 4 weeks. Those circuit breakers are going to cause a serious "WTF" moment in the next month.
love to get my old 1851 colt navy out i paid 72 bucks for now they go 200+ next to it a 1986 silver eagle i paid 3 bucks for.reminds me of the things i did right. helps forget the thing i did wrong.
I've been collecting the AG and AU since GWB said we must suspend free market principles to save the free market, or something like that. I managed to save a considerable pile of each after cashing out a couple of loser equities accounts. Both my stacks have made quite an appreciation when valued in Euro's or FRN's. The problem is that they are inaccessible. I went to hide them in a nearby field close to a park in Garden City, KS using a GPS to mark their location, however my secret location was made into a parking lot (paved over) for a Dunkin Donuts. What should I do? Should I try to dig it up secretly or ask the owner to help me? Any suggestions (except for TRAV) are appreciated.
Midnite Backhoe service.
What makes you think it's still where you put it? A lot of earth gets moved around, even if you haven't make a construction worker very happy.
Wait for the collapse. No one will care then.
Dunkin' Donuts will be one of the last to go, along with hospitals and power plants. So you may have to wait a while.
bury it and fuggetaboutit.
sweating (let alone trading!) these fiats swings will give you aneurysm! at the very least the stress will shorten your life span.
buried over 100 ounces of Ag and 1 oz. Au in a 4" PVC pipe and capped off both ends. Wayyyy better than having 1's and 0's on a bank's hard drive.
sealed PVC works like a champ. my Au is sealed up like this as well, out in the woods, next to an old large metal drainage pipe. ain't no metal detector ever gonna find it!
Haha nice.
Hopefully there is no need for anyone to excavate around that old metal pipe in the near future.
my Au is sealed up like this as well, out in the woods, next to an old large metal drainage pipe. ain't no metal detector ever gonna find it!
why not just keep it in your yard but then pellet your entire acreage with buckshot?
By the time the metal detectors go off EVERYWHERE, and they haul in excavators to dig up a couple of acres, you could probably pick off quite a few with a rifle...
On second thought... keep it out in the woods... Then, in the area of the yard that you want a swimming pool hole dug (or underground bunker), bury a couple of pipes... You can thank the excavators after they're done and offer them a bowl of cream of mushroom soup & glass of lemonade (but don't drink the lemonade, or eat the soup)...
you actually needed to bury a paltry $5000 worth of metal? LOL
Trav is so insecure he has to make fun of people who don't have a lot of money.
What a faggot. I'm laughing my ass off in this thread.
in my case, it's more like 33,300 FRNs.
Bought 20 maples today, buying more tomorrow.
Am I a money changer if I take currency and change it into sound money?
Yes. You will be cast out of the FRN temple.
...make that "formerly in the short-run" canaries...
Wow. I actually read the whole thread. What a Travfest! Thanks everyone.
One might even call it a trav-e-sty.
Which I suppose would make all those who participated in it travestites.
Oh the (Aryan) humanity!
Silver Light
Silver Bright
First Ounce I See Tonight
I Wish I May
I Wish I Might
To See A ZH Silver Fight
On another note. Anyone notice Portugal falling of a high cliff. There 5 year credit default swaps just reached a yearly high today. Yet the market continues to rally onward.
Thy Tape is not fast enough.
Thee needs to look at the ASK for Physical delivery to you if you buy.
Those prices if you pay it, is going to go up just the same.
For thine is the physical and all the power is in you.