• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

Gold's Surge, Stocks Purge, And Treasury Yield Records Emerge

Tyler Durden's picture




 

The market was anxious going in to the NFP print but once the dismal data point hit, things deteriorated rapidly.

Pre-NFP ->EUR 1.2322, ES 1292, WTI $84, 10Y 1.51%, 30Y 2.59%, gold $1554

Post-NFP -> EUR -10pips 1.2312, ES  -10 1282, WTI -$1.2 $82.8, 10Y -5bps 1.46%, 30Y -7bps 2.52%, gold +$18 $1572

Treasury yields at record lows (10Y well below and 30Y right at Dec08 lows) as Gold pops (QE hope?) but stocks don't for now (reality of QE's inability to really help?). Oil down on global growth markdowns and EUR modestly weaker (choppy but practically unch now) - though looks like its all relative printing expectations now.

Gold vs USD vs Stocks vs Treasury Yields

Gold and Silver outperforming...

Treasury rates are just plummeting...30Y -32bps this weeks!

It seems the SNB has been active as EUR/JPY explodes in a choppy mess...

 

Charts: Bloomberg

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Fri, 06/01/2012 - 09:02 | 2483432 disabledvet
disabledvet's picture

Jamie Dimon trying to save his job more like it.

Fri, 06/01/2012 - 09:00 | 2483420 slackrabbit
slackrabbit's picture

Wow - did some just happen while i built my new pc - i knew i shouldn't have done it today - and the queens long weekend to boot.

Should make Tuesday interesting

Fri, 06/01/2012 - 09:01 | 2483423 Conman
Conman's picture

Futures off the lows! QE trade already on? Unbelievable.

Fri, 06/01/2012 - 09:05 | 2483448 bshirley1968
bshirley1968's picture

When that is ALL there is or the ONLY game in town, it has to happen with regular frequent occurrence.  I am not talking about QE, but rather the HOPE of QE.

Fri, 06/01/2012 - 09:25 | 2483592 Captain Kink
Captain Kink's picture

This is exactly the news that "forces" QE. And how long will the morphine high last this time? 

Fri, 06/01/2012 - 09:41 | 2483688 franzpick
franzpick's picture

Nixon, Carter and others dealt with their emergencies using Saturday announcements, but this credit collapse may require an entire weekend at bernies, and will require a complete credit-equity market seizure.

Fri, 06/01/2012 - 09:27 | 2483607 Common_Cents22
Common_Cents22's picture

not unbelievable.   in the world of HFT, minutes is an eternity.

Fri, 06/01/2012 - 09:01 | 2483424 realtick
realtick's picture

By putting that inane bubble around your charts you are making Joe Weisenthal and Business Insider look good.

Is that what you want?

Fri, 06/01/2012 - 09:01 | 2483427 dereksatkinson
dereksatkinson's picture

The stock market isn't as oversold on an intermediate term basis so stocks wont benefit as much.  Gold has been down for 4 months in a row and has been deeply oversold.  Gold had HUGE spec short interest and HUGE commercial short covering. 

 

I guess my point is...  As much as everyone wants to say the markets have been correlated, they haven't been.  The magnitude and duration of corrections have been different.

Fri, 06/01/2012 - 09:04 | 2483440 disabledvet
disabledvet's picture

Who knew a positive jobs print could be so devastating! I can't wait for plus 1000!

Fri, 06/01/2012 - 09:04 | 2483444 YC2
YC2's picture

Id say about 10% more downside before I start scaling into stocks in my hostage 401k money.

Fri, 06/01/2012 - 09:03 | 2483445 Debtless
Debtless's picture

Fuck QE and all of the people who need it to sustain the status quo.

Fri, 06/01/2012 - 09:05 | 2483456 Itch
Itch's picture

DAX down 4% now, now thats pain!

Fri, 06/01/2012 - 09:10 | 2483474 Conman
Conman's picture

And us futures barely down 1%, what's wrong with that picture

Fri, 06/01/2012 - 09:17 | 2483520 Rubicon
Rubicon's picture

Pardon

Fri, 06/01/2012 - 09:20 | 2483539 SheepDog-One
SheepDog-One's picture

Exactly....we're supposed to see confirmations tht 'QE3-4-TheBigOne' are now here, yet we're STILL only 5% down from highs? They can show a few -5% down face melting days in a row before I'll buy any of this 'QE comin any second' nonsense.

Fri, 06/01/2012 - 09:28 | 2483604 junkyardjack
junkyardjack's picture

I totally agree, how can 5% off and being basically flat for the year drive QE3.  I think unless the market totally unhinges in the next 3 weeks Bernie won't have any ability to print.  The way commodities are collapsing I expect the market to follow the trend soon

Fri, 06/01/2012 - 09:30 | 2483619 SheepDog-One
SheepDog-One's picture

Yea! Still UP for the year! This little action isnt the 'QE crisis' not by a longshot.

Fri, 06/01/2012 - 09:10 | 2483475 Conman
Conman's picture

And us futures barely down 1%, what's wrong with that picture

Fri, 06/01/2012 - 09:15 | 2483497 Arisu
Arisu's picture

Yeah. The insolvency procedure of one of the largest drugstore chains "Schlecker" has failed and their staff consisting of about 14,000 employees will all be laid off within the next 4 weeks, and the 2800 stores are closed down.

Fri, 06/01/2012 - 09:05 | 2483457 RazorForex
RazorForex's picture

The technicals were screaming long gold since yesterday!

http://www.youtube.com/watch?v=WvqtwTAnj5g

Fri, 06/01/2012 - 09:10 | 2483484 Swarmee
Swarmee's picture

Your hindsight post has post-predicted this perfectly! Amazing! How do you do it!?

Fri, 06/01/2012 - 09:15 | 2483515 RazorForex
RazorForex's picture

video was posted yesterday, NOT it hindsight!!!

Fri, 06/01/2012 - 09:27 | 2483605 Swarmee
Swarmee's picture

"august profit target of 1590/1600" and current spot price is 1588, what an amazing delta to grab, $2. Also the immediate spike on NFP shows this is not a technical gain but a knee-jerk anticipating QE, still not seeing any correct prediction based on technicals, more like luck on NFP reaction.

Fri, 06/01/2012 - 10:58 | 2484074 OhOh
OhOh's picture

Yes excellent prediction. As was Screwtapes ,

 

"Here's the $GOLD:$CRB index from last post, which was discussed a bit in the comments. Breakout? A few more up days, and it will certainly start looking like the next big move for gold as a safe haven is upon us."

 

see  http://screwtapefiles.blogspot.co.uk/

Fri, 06/01/2012 - 09:06 | 2483461 bshirley1968
bshirley1968's picture

Off topic, but so indicative of the day.  The Irish (their leadership) has just voted to stay on the Titanic.......and they are CELEBRATING!  Of course one look at Irish history would have told you this was to be expected.

Fri, 06/01/2012 - 09:08 | 2483470 digalert
digalert's picture

I love the smell of Napalm (QE) in the morning...

Fri, 06/01/2012 - 09:10 | 2483480 jimmyjames
jimmyjames's picture

as Gold pops (QE hope?)

***********

Nope-

Default risk amped up--same as it's been since 01-

This is how a strong currency trades in a deflationary environment-

Fri, 06/01/2012 - 09:09 | 2483481 mayhem_korner
mayhem_korner's picture

 

 

But...but...but...CNBC said gold was no longer safe.

Fri, 06/01/2012 - 09:14 | 2483501 Infinite QE
Infinite QE's picture

Anyone that listens to what CNBC says deserves the arse fecking they get.

Fri, 06/01/2012 - 09:21 | 2483544 RockyRacoon
RockyRacoon's picture

Some people like that sort of thing.  Not saying I do, nor am I saying there is anything wrong with it.  Just pointing it out... so to speak.  Maybe I should quit now.

Fri, 06/01/2012 - 09:10 | 2483483 monopoly
monopoly's picture

I guess the question is can the inmates wait till the June meeting to announce some QE bullshit which will put a bandage on the gaping wound for a few trading days until the patient goes back into a coma? Going to be an interesting first day of June folks. Buckle up.

Fri, 06/01/2012 - 09:11 | 2483487 Roland99
Roland99's picture

EURUSD on a jackhammer of a pogo stick.

 

Airdude : Getting below 700 now, still going down. 675, 650, 625, he's holding. . .no, no he's down, he's down.
 Kramer : Sound your alarm bell, now.
 Attendant: Alright now everybody, get in crash positions
 Kramer : Put down 30 degrees of flap. Striker now listen to me
 Remember your brakes and switches, get ready to fly it out . . .
 Airdude : He's all over the place, 900 feet, up to 1300 feet . . . what an asshole.
Fri, 06/01/2012 - 09:11 | 2483491 sawman
sawman's picture

Well Mr Munger/Buffett - Buy stocks avoid barberous relic gold - Hows that working out for you then.

Fri, 06/01/2012 - 09:12 | 2483492 Satan
Satan's picture

PPT is a go.

Fri, 06/01/2012 - 09:13 | 2483494 MFL8240
MFL8240's picture

Obamas economy is doing great after  6 triliion in handouts to his followers. The joke is coming to a head!

Fri, 06/01/2012 - 09:28 | 2483614 brooklynlou
brooklynlou's picture

Wait till the leveraged buyout on the back of a European fire sale occurs. All those trillions of dollars collected and stored as cash in corporate coffers will be used to basically own Europe.

Somewhere Bernake, Bush and Obama are having breakfast, ribbing each other and going "I drink your milkshake! I drink it up!"

Fri, 06/01/2012 - 09:13 | 2483498 caimen garou
caimen garou's picture

they always looking for me pot of gold,he he he he!

Fri, 06/01/2012 - 09:14 | 2483500 SheepDog-One
SheepDog-One's picture

Show me a few -5% down days in a row and then MAYBE I'd believe some of this 'QE surely coming any second' nonsense.

Fri, 06/01/2012 - 09:14 | 2483511 midgetrannyporn
midgetrannyporn's picture

the bernank is a pig.

Fri, 06/01/2012 - 09:19 | 2483533 XtraBullish
XtraBullish's picture

XtraBullish yesterday on June Gold at $1558, July Silver @ $27.18 and 400 Goldcorp July 38 calls at $1.90. Thanks Tyler - I owe you buddy!

Gold IS the last standing 'safe haven" despite what all these mutts are quacking off about...you price gold at $3,500/oz against all that Eurozone (and U.S.) debt and collateralize the paper with the tonnes and you have the solution. The tonnes are FINITE and the Euro/U.S. debts are FINITE so the only VARIABLE is the PRICE of gold.

Coming soon to a theatre near you.....

Fri, 06/01/2012 - 09:22 | 2483543 ArrestBobRubin
ArrestBobRubin's picture

Bill Murphy of GATA just pushed this update out. I trust he won't mind me posting it for ZH readers.... See Le Metropole Cafe

Le Metropole Members,

RARELY do I send out an email alert, but since I have not
seen anything like this in 13 years, I thought it advisable.

The US jobs report was a disaster, not even aided by
a substantial increase in the birth/death model. The
DOW is called 180 lower, the euro is tanking, but gold
is SOARING and has the general investment world stunned.

Will get into this in MIDAS later. The point is this
is the time to be paying attention to what is going on out
there. What is occurring in gold in terms of its action
of late, and today, is  unprecedented, at least in terms
of me watching the price action every day for over a decade.

Chaos not only looms, you can smell it. The Muppets on
CNBC are as dour as they can be.

Fri, 06/01/2012 - 09:36 | 2483651 brooklynlou
brooklynlou's picture

Europe is done. Toast. The panicked movement to any safe haven is starting. US bonds are tanking (people will take whatever Bernake will offer them), German and Swiss bonds are negative (you pay THEM to not steal your money). Gold will rise temporarily while the fuse is hissing. Once the boom happens, gold will tank hard.

Fri, 06/01/2012 - 09:21 | 2483546 caimen garou
caimen garou's picture

plunge protection team wont allow -5% for any length of time!

Fri, 06/01/2012 - 09:21 | 2483553 Stock Tips Inve...
Stock Tips Investment's picture

I think both the fundamentals of the global economy (mainly in Europe) as well as technical indicators seem to point out that the stock market continue to fall before it starts to rise. As this goes against Bernanke's plan and increases the risk of the destruction of the Euro, it is possible to see the Fed and ECB trying to take desperate measures (QE3?). In any case, there are great opportunities to make money with these trends.

Fri, 06/01/2012 - 09:23 | 2483555 caimen garou
caimen garou's picture

plunge protection team working on it as we speak

Fri, 06/01/2012 - 09:32 | 2483635 SheepDog-One
SheepDog-One's picture

Just show more how 'QE comin now' is just a fantasy....emergency PPT rescue ensues. Go ahead and drop it 5% today Ben....or I just call total BS on the QE rumor driven market.

Fri, 06/01/2012 - 09:24 | 2483583 junkyardjack
junkyardjack's picture

Gold being manipulated up, don't fall for the trap

Fri, 06/01/2012 - 09:45 | 2483709 lakecity55
lakecity55's picture

I'm very long in PMs. It's fun to watch it take off, though.

Fri, 06/01/2012 - 09:29 | 2483612 RockyRacoon
RockyRacoon's picture

Worth a repeat:

Here is an emblematic photo from about 1913 or so.   The caption reads, "Washington, D.C. "Storm damage. Between 1913 and 1918." Somewhere under all this rubble, I suspect, is a narrative waiting to be unearthed by a Shorpy history detective. Harris & Ewing Collection glass negative."

Here's the link: http://theautomaticearth.org/images/afterthestorm.jpg

Note the building facade is propped up with a few lengths of lumber.   The entire building is destroyed, but the "image" must be maintained.

It's the story of the U. S. since the 1913 era -- Federal Reserve System established.

Do NOT follow this link or you will be banned from the site!