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Panic Resumes: Gold To New Highs, Treasury Yields To New Lows, WTI About To Break $70 And Futures Sliding
The "panic" trade had a few hours to eat dinner, and now it's back to business. As Asia opened, the kneejerk reaction to Europe closing is that, naturally, Europe will open in a few short hours, this time however with fresh fears of what the SNB might be cooking if it needs Fed assistance to sustain its local banks' dollar margin calls. The result: gold hits new all time record highs, bonds drop to intraday lows, crude is about to reenter the critical 70's, so very necessary for QE3, and ES, well, you get the picture.
Gold:
Treasurys:
Crude:
and ES:
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That's when you stop worrying about accumulating the PMs and stock up on more lead.
Speaking of which, I'm a little low on 9mm.
by then 1 gram ingots will be all the rage at $2200 dollars per... sorta like a stock split ya know ?
But...but....but...Goldman Sachs said the massive destruction of Japan by the earthquake, tsunami and continuous radiation Fallout was BULLISH!
What's going on?
http://www.bloomberg.com/apps/quote?ticker=TPXL70:IND
Every citizen in America will be receiving a check for $10,000 first thing Monday morning.That is, if the USPS is still around. If not, keep an eye to the sky for HeliBen.
Got hefty?
$10,000: Enough for 10 Big Macs or 1000 Ikea tables.
and soon enough 1oz of GOLD .......
I got my tarps stretched out ready and waiting.
It's an unfortunate coincidence that tomorrow is a furlough day for the postal service.
In the ZH spirit, here is a promising compression trade: Long crude oil, short gold, in equal nominal dollar values.
They are currently quoted at $80.98 and $1834.20 in overnight trading.
This spread, I think, will be profitable by Sep. 1st. Not quite like picking up 100-dollar bills off the sidewalk, but close enough.
Yes, a good trade, all things being equal, but we have stepped into the Twilight Zone...
By all historical measures the WTI/Au ratio is skewed....
I live in West Texas and sorry to tell you there just isn't much WTI coming out of the ground. It is an oil industry fiction. Think of it like a trout fishing lure cast upon troubled waters - hoping to sucker in the big-mouthed, brain dead would-be predator. Brent is real - West Texas is a flim-flam.
Operation Jackhole to commence. How to continue Growth on high unemployment & inflation by means of issuing new banking food stamp cards. LOL. Its free revenue for the central banking institute.
Thursday, August 25, 2011
Mr. John Lipsky, IMF First Deputy Managing Director will participate in the Federal Reserve Bank of Kansas City’s 35th Annual Economic Symposium on “Achieving Maximum Long-Run Growth” in Jackson Hole, Wyoming, August 25-27. On August 27 he will be a panelist on “Setting Policy Priorities for Long-Run Growth”.
http://www.imf.org/external/NP/EXR/sked/index.aspx
Oh I forgot, in September Obama will release his new shovel ready employment plan.
I'll pass. I already have all the shovels I can use. Perhaps someone besides me to operate them, that looks like something to go to the market for. :>D
How much gold can I buy with $100 trillion (in Zimbabwe currency)?
Better spend those $US dollars while they still buy something........
So how long before another billionaire comes out and says he sold ALL his gold/silver this week?
The next mania will be the mining stocks...it's been the 'classic' wear you out/scare you out tactic..."Shake-n-Bake"
There's too much $ to be made...The big fish are just waiting until maximum accumulation threshhold then BAAM!!
This Gold/Silver Bull will not be over until these things go supernova and the Large cap SLW/GG etc... are the "The new market darlings"
The juniors are so disrespected...that in itself is evidence that:
There is no gold bubble...............YET
WTI breaking $70? It's at $81.
Panic? Panic was ES down 40 handles...as in last week.
I'm as bearish as any of you...but this headline seems hyperbolic when confronted with facts...or the things I am looking at just now @ 10:14 pm est:
ES=1134
WTI=$81
Australia= down 4 tenths
Japan=flat
Gold=1833 [4 bucks off its high print]
Am I missing something?
There's a sale at Pennys !!!
http://www.youtube.com/watch?v=uJSgZYUnQn0
+$1861 -- Kinda like a reverse-limbo (how high can you go?!)
I hope you guys realize that if oil keeps going down we will be looking at deflation. Not the dreaded inflation.
gh
No.
"inflation is not a general increase in prices but rather increases in the money supply" - http://mises.org/daily/908
"Inflation, as this term was always used everywhere and especially in this country, means increasing the quantity of money and bank notes in circulation and the quantity of bank deposits subject to check" - http://mises.org/efandi/ch20.asp
Gold is at $1850!
Silver climbed over $41
Make that Gold = $1867.60! Up roughtly 4% in the past 24 hours.
should i sell my silver and gold?
YES--- to me!
thanks
to you? ha ha ha... no way :)
2000-131
'08 collapse triggered by consumer real estate debt collapse.
'11 collapse triggered by sovereign debt collapse.
That's it. You can't go any higher. Sovereign debt collapse is the end game.
Never in human history have there been so many central banks issuing so much paper currency governments can borrow and accumulate enormous debt.
Never in human history have so many national governments been at sovereign default.
Paper currency is the problem. Central banks can print it and loan it out till every government on the planet is up to their eyeballs in debt.
That's where we are now. Cascading sovereign defaults. One after another.
What do central banks do? Print MORE currency and loan it out, trying to postpone those sovereign defaults, while out-of-control national governments keep borrowing and spending, going even deeper in debt.
It can't go on much longer. Even with near-zero interest rates. A worldwide sovereign debt collapse is coming. Which means worldwide currency collapse and central bank collapse.
So yea, panic is a daily thing now. One sovereign debt crisis after another. Coming faster and faster.