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Previewing Bernanke's Speech And Final Thoughts From Citi's Steven Englander And Other Analysts

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Fri, 08/26/2011 - 07:20 | 1603278 Bobbyrib
Bobbyrib's picture

Whatever happens gold is going up...

Fri, 08/26/2011 - 07:38 | 1603305 MillionDollarBonus_
MillionDollarBonus_'s picture

I sincerely hope that Bernanke has some sympathy for those like myself who are heavily long equities. We trusted in his dovish rhetoric and his strong keynesian principles, and therefore it's only fair that he should reward us with more monetary easing.

Fri, 08/26/2011 - 08:05 | 1603350 scratch_and_sniff
scratch_and_sniff's picture

You're at the wrong gig mate.

Fri, 08/26/2011 - 07:55 | 1603332 bernanke al-sahaf
bernanke al-sahaf's picture

If Bernanke´s lips are moving. The goldprice will be also. Up that is!

Fri, 08/26/2011 - 07:27 | 1603285 Snidley Whipsnae
Snidley Whipsnae's picture

"In terms of catalysts, the next FOMC meeting will be September 20, so at best silence from the Fed today will mean the market is on its own for 4 weeks, with an ugly NFP number inbetween. "

Except support from the PPT... and more metal margin hikes by the EE... and secret loans to any on the Fed Favorite List... and unlimited swaps with insolvent banks everywhere... and ad nauseum...

At this point the only thing Ben could say to surprise me is "we are going to hike interest rates above the real rate of inflation to strengthen the dollar"...

Chances of that sentence appearing... Snowball in hell...

Keep stacking...

Fri, 08/26/2011 - 07:28 | 1603289 DefiantSurf
DefiantSurf's picture

Ugly NFP, Uglier GDP, both bullish (for gold)

Fri, 08/26/2011 - 09:38 | 1603658 whirlybird rules
whirlybird rules's picture

dollar goes up when the PBoC decides it will

Fri, 08/26/2011 - 07:27 | 1603286 EvlTheCat
EvlTheCat's picture


Fri, 08/26/2011 - 07:27 | 1603288 digitlman
digitlman's picture

I see the margin hikes fixed everything.



Fri, 08/26/2011 - 07:44 | 1603317 Cdad
Cdad's picture

That's all fine and good...until the next gold move is 100 points down, at which point I suspect you will be crying and calling foul.

If you are a true gold bull, then you know that a one day correction, and a one day 100 dollar bounce back was not what you wanted.  Instead, it is just the signal fire that the criminal syndicate is in your back yard, lighting fire to paper things, and preparing to arbitrage.  

I suggest you sell or hedge in the short term.

Fri, 08/26/2011 - 07:52 | 1603330 DormRoom
DormRoom's picture

wait till it accelerates.  Margin hikes blew up the Hunts Brothers in the 80s.  It will blow up funds using 40:1 leverage on gold.

Fri, 08/26/2011 - 08:11 | 1603361 Cdad
Cdad's picture

My sense on gold yesterday was that bears were using it, pushing it, to pull down the S&P yesterday afternoon.  I think there still needs to be further liquidation within the GLD.

I expect no less than a half dozen more head fakes and computer generated whip saw moves.  The situation is set again, I think, for an oil/gold compression trade.

Fri, 08/26/2011 - 07:29 | 1603290 DefiantSurf
DefiantSurf's picture

I love the smell of fear in the morning

Fri, 08/26/2011 - 07:32 | 1603296 Cdad
Cdad's picture

Given where asset prices are, an expectation of mediocre economic performance, rather than dismal, would represent an optimistic view of the economy, but might lead FX investors to sell USD if they think asset market relief will not be forthcoming soon.

There is so much wrong with this statement that I find myself dumbfounded.  And as in almost all base cases, and no matter what day it is or what is at hand, the criminal syndicate's solution to everything is selling dollars.

One day, Average Joe will finally discover the nature of this crime, and in so doing discover the true criminal nature of our financial service parasites.  

Lear jet exodus already!  GET OUT OF MY COUNTRY, YOU FUCKS!

Fri, 08/26/2011 - 07:39 | 1603306 Snidley Whipsnae
Snidley Whipsnae's picture

Orwellian Speak... The azz hats live in a fantasy world... hell, they even marked their assets to fantasy...

How can one expect the azz hats to speak the truth when they are living in a fantasy bubble of their own creation?

Oh well, they will awaken to find their printing presses have become useless... one of these days...

The last laugher laughs best...

Fri, 08/26/2011 - 07:33 | 1603299 nah
nah's picture

nigger slang that money fool

Fri, 08/26/2011 - 07:35 | 1603301 youngman
youngman's picture

Whatever...today is going to be a wild ride...GDP revisions first...Actually Europe first..but that has been very quiet...then the Bernanke.....its a +0- option....

Fri, 08/26/2011 - 07:42 | 1603314 sudzee
sudzee's picture

The growing weight of gold at the top of the derivative pyramid can't be held up for much longer. The collapse will be epic.

Fri, 08/26/2011 - 07:42 | 1603315 mendigo
mendigo's picture

i assume "krugmanesque" was meant in to imply novel, insiteful and constructive - befitting the honor of a nobel prize winning economist (is his name and picture in the zh glossary?)

Fri, 08/26/2011 - 07:50 | 1603318 tom a taxpayer
tom a taxpayer's picture


Breaking News: Bernanke hospitalized with bowel obstruction.

On the eve of perhaps the most important speech of his life, Fed Chairman Ben Bernanke was rushed to the Jackson Hole hospital at 6:08 pm suffering from a bowel obstruction. After two hours of intensive surgery, a hospital spokesperson announced the Fed Chairman is in the recovery room and is as comfortable as one can expect after removal of the anal obstruction: Steve Liesman's nose. 

Chief Surgeon Dr. Noh Fee Noh See said he tried many conventional and unconventional surgical procedures but could not dislodge Liesman's nose from the Chairman's ass. His team of surgeons could not pry Leisman's nose, face, arms, and legs wrapped around Ben like an octopus. The solution arrived by a Tweet from Larry Kudlow telling Liesman that Treasury Secretary Geithner wanted Leisman as soon as possible for an important interview, something about a bank holiday. Immediately, Leisman's nose popped out of Ben's ass like a champagne cork. 

The surgeons still had a hard time getting Leisman to leave, as he insisted on several glassfuls of Ben's "champagne".   When Leisman left, Ben perked up and asked the hospital staff "Wake me at 7am for my earth-shaking bowel movement, er, no, earth-shaking speech...sorry i'm a little groggy from the quantitaive easing, er, no, from the anesthetic"

UPDATE - 2 am MST: A nurse on a smoke break outside Ben's hospital room says she heard Ben on his cellphone saying: "Look Steve, no hard feelings. You are a  friend and a useful idiot. But sometimes you can be a pain in the ass. When I get back to D.C. I'll invite you to lunch at the Marriner Eccles cafeteria." 


Fri, 08/26/2011 - 08:02 | 1603324 DormRoom
DormRoom's picture

One of the objectives of QE was to push up equities using the shadow banking system (hedge funds), so  companies could return to the public markets for debt, bypassing distressed banks.  credit uncrunch. This objective was mostly achieved.  QE2 objective was to protect against a deflationary trap, which would put pressure on company revenues, creating more upside down balance sheets, and bankruptcies.


If the equity market fall, but the credit market remains strong, and there's not a trajectory of falling prices,  the Fed will not likely intervene with QE3. 



Fri, 08/26/2011 - 08:08 | 1603356 scratch_and_sniff
scratch_and_sniff's picture

"In other words, nobody knows what will happen" You could have said that at the start of the article ffs, ...should have made it the headline better still.

Fri, 08/26/2011 - 08:15 | 1603372 myztix
myztix's picture

There's an FOMC meeting announcement on Tuesday August 31st

Fri, 08/26/2011 - 08:20 | 1603382 Ramboy
Ramboy's picture

"Start of QE1 created 78% rally, QE2 29%; most likely impact of QE3 7%-15 to 1250-1350 on the S&P 500"


One has to wonder where these retards come up with these figures.  Anyone who denies what QE2 did in the course of 9 months f'ing shorts, and bidding one of the greatest satanic waves up in the history of the s&p is a blind man.

Fri, 08/26/2011 - 08:48 | 1603438 spanish inquisition
spanish inquisition's picture

The Fed has had no idea what to do to actually fix things since the beginning. It's been add liquidity and hope things work themselves out. Interestlingly, not only will too little water (or liquidity) kill you, too much will do the same thing. I like that everyone has been doubling down to the point of people talking of a simultaneous worldwide recession.

The next 2 steps are as follows

  1. Bernanke steady as she goes speech with green shoots of gold down, employment flat and investment up. Ready to spooge liquidity if needed. (if things don't magically work themselves out go to 2)
  2. Ben orders Wall Street to open accounts with Govt info in your name. They spend money on shit you don't need increasing the need for jobs at big box retailers and stuff made in China. Hiring increases worldwide at minimum wage and people go back to work. Bills are sent from the bankers for the shit they bought for you at 35%. Politicians are cut in on profits, I mean experience record campaign contributions. The world is saved!


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